From a $6M buy-in to 30k holders seeing a loss, here’s what SHIB has done

Ethereum whales have repeatedly proven their loyalty when dealing with the memecoin, Shiba Inu. A week ago, SHIB was the second largest holding of Ethereum whales, countering the “meme” pass here. Even today, whales continue to boast as much as possible.

Favorite pet

SHIB was again in the top 10 of purchased tokens; it was the most widely used smart contract of the 100 most giant ETH whales of the past 24 hours.

Here was the latest acquisition from a dominant buyer. An Ethereum Whale bragged more than 271 billion Shiba Inu ($SHIB) tokens amid an ongoing accumulation of the meme-inspired cryptocurrency. The whale purchased are tokens for just over $6 million.

The popular meme coin increased the number of tokens burned, which meant huge demand. According to data from burning tracker ShibBurn, the number of tokens burned saw the burning rate of the meme-inspired cryptocurrency increase by 7000%.

Likewise another SHIB community related project shared data showing that they have burned a total of 300 million Shiba Inu tokens in the past few days. At the time of printing, the burn rate increased after more than 745 million tokens were burned in just 24 hours.

Still not interested?

Despite the fact that the number of Shiba Inu coin holders has been continuously expanding over the past three months, the token has experienced a massive loss of over 30,000 holders in a single day. The total number of unique addresses on the dogmeme coin network had steadily increased over the past three months.

Source: CoinMarketCap

According to the chart above, until March 17, there was a big drop with 32,832 holders. Between March 16 and 17, the number went from 1,199,453 to 1,166,621, a drop of 2.74%.

Furthermore, the interest in the keyword ‘Buy Shiba Inu coin’ on Google was also in a downward trend. The Google Trends score has been reduced from 100 on November 30, 2021 to just three on February 28. It represented a whopping 97% decline over this period.

Source: Google trend

What about the price action? The 15th largest coin showed some enthusiasm as SHIB saw a fresh 1.8% gain in the past 24 hours. At press time it was trade at $0.00002.

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