Cryptocurrency whales have accumulated more than 1.44 trillion tokens of the meme-inspired cryptocurrency Shiba Inu ($SHIB) in just two days after withdrawing these funds from leading cryptocurrency trading platform Binance.
According to data shared by on-chain analysis service Lookonchain, a cryptocurrency wallet withdrew $13.36 million worth of the meme-inspired cryptocurrency and $1.2 million of the $BIGTIME token from Binance and Gate.io in just two days.
These movements came at a time in which the price of the meme-inspired cryptocurrency has been dropping significantly, as SHIB lost around 10% of its value over the past week, and is up just around 7% over the past 12 months, compared to Bitcoin’s over 170% rise during the same period.
It also comes at a time in which the burn rate of the meme-inspired cryptocurrency keeps on surging, with several days seeing burn rate increase in the triple digits. The burn rate is rising at a time in which Shiba Inu’s team has partnered with domain firm D3 Global was announced, allowing users to acquire .shib domains.
The partnership sees Shiba Inu become one of the first decentralized projects to partner with D3 to pursue a top-level domain via the Internet Corporation for Assigned Names and Numbers (ICANN). Some other networks have their own native addresses, with Ethereums’ ending in .eth.
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Last month, SHIB unleashed an inferno on its tokens after a staggering 8.6 billion SHIB tokens sent for permanent deletion. This represented a remarkable 160,598% increase from the previous day’s burn rate.
Shiba Inu’s community burns tokens by moving them to addresses that no one controls – so-called dead addresses – to remove them from circulation and effectively reduce its available supply on the market. If met with stronger demand, the price could theoretically rise as a result.
Some analysts believe that Shiba Inu’s price could rise as adoption grows, and as such the team behind the project has been moving forward with partnerships to allow SHIB’s utility to grow.
Shiba Inu was recently one of the cryptocurrencies delisted from Uphold Canada, along with rival meme-inspired cryptocurrency Dogecoin (DOGE), Cardano (ADA), and a number of other cryptocurrencies.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2024/01/shiba-inu-whale-scoops-up-1-44-trillion-tokens-amid-price-slump-and-burning-spree/
