The Shiba Inu cryptocurrency is the most widely held token among the richest Ethereum whales. "Whales" in crypto jargon describe individuals or institutions that hold large amounts of coins of a certain cryptocurrency. According to Whale Stats, a crypto whale tracker, Ethereum whales have become one of the largest Shiba Inu holders, with up to $1 billion worth of SHIB.ππ³
However, Ethereum whales are now burning some of their Shiba Inu holdings in recent days. The 100 largest Ethereum whales now hold $982,324,880 after losing $17.6 million worth of SHIB tokens. Burning in crypto means permanently removing tokens from circulation by sending them to a dormant address or crypto wallet from which they cannot be retrieved.
It is beneficial to investors because a scarce crypto asset is preferred over one with unlimited supply or high rates of inflation.
Fixed or reduced supply doesn't always mean higher value, though, so the outcome of the burning portal remains to be seen. The total SHIB that has been burned since the initial supply is 410,339,763,887,291 and the total SHIB supply is 889,660,236,112,708. The consumption rate is currently reduced by 31.71 percent.π
Shiba Inu gained massive popularity after driving up prices after being featured on the popular stock and cryptocurrency trading app Robinhood. The online brokerage firm also announced that customers can now buy and sell four additional cryptocurrencies through its app and website, namely Compound (COMP), Polygon (MATIC), Solana (SOL), and Shiba Inu (SHIB).
Another reason the Shiba Inu has gained interest among whales is after the meme coin. launched its metaverse, with 100,595 parcels of virtual land. In the case of the Shiba Inu metaverse, some virtual lands will remain open to everyone in the metaverse. These lands will represent roads (corridors): avenues, boulevards and axes, however, other land will be available for purchase.
Shiba Inu was released as an alternative to Dogecoin (DOGE) in August 2020 by an anonymous person or group under the name Ryoshi. According to its founders, it was created as an experiment in spontaneous and decentralized community building.
Meanwhile, SHIB was the most viewed cryptocurrency in 2021, surpassing Bitcoin and even Ethereum, as announced by cryptocurrency price tracking website CoinMarketCap. According to CoinMarketCap, the Dogecoin spin-off recorded more than 188 million views over the last 12 months, while the main cryptocurrency Bitcoin came in second place with 145 million views in 2021. It should be noted that SHIB is currently 16th. The world's largest cryptocurrency, with a market cap of over $13 billion.
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