Developers of the Shiba Inu protocol tried to distance themselves from the predominant memecoin story in 2020. In an effort to do this, they even introduced new technical services in 2021. This has contributed to its community acceptance and awards over the years.
In fact, the platform has also made it into the Metaverse, the next iteration of social media that has seen a lot of hype lately.
count on you
SHIB’s price saw a 6% peak on Wednesdays as whales – an informal term for large holders of a particular asset – added to their positions. According to data shared by WhaleStats, the top 1,000 whales by asset have significantly increased their exposure to this altcoin. For example, the largest Ethereum whales own more than $1.4 billion worth of the meme-inspired cryptocurrency.
That’s not all. Holdings of SHIB ($1.4 billion) surpassed the original cryptocurrency of the FTX exchange – FTT ($1.36 billion). Simply put, SHIB is now the second largest holding of the largest Ethereum whales in their portfolios.
JUST INSIDE: $SHIB @Shibtoken was turned over $FTX to be the largest symbolic position in dollar value in the top 1000 #ETH whales#Shib #ShibArmy
— WhaleStats – BabyWhale ($BBW) (@WhaleStats) March 7, 2022
Needless to say, this position was the result of a shopping spree. On Feb. 17, Whalestats highlighted that ETH whale holdings crossed the $2 billion mark. Similarly, SHIB topped the list of altcoins based on total holdings.
Ethereum whales have been loaded onto SHIB as plans to burn the supply of the meme-inspired cryptocurrency through various initiatives have taken shape. For example, Steven Cooper, CEO of cryptocurrency entertainment company Bigger Entertainment, has supported the SHIB community in burning 10% of its stock.
Before announcing the next fire feast, let me make this clear… This is not for pumping, this is to reduce supply. #Shib price should not change at all. Our focus as a community is to collectively reduce 10% of the supply and we hope the Dev team follows suit by focusing on 20% or more. #shibarmy
— Steven Cooper (@iamstevencooper) March 1, 2022
In addition, the leading digital payment platform Wirex added the meme coin on March 7.
Room for improvement
According to data from the token burning tracking platform: Shibburna total of 410.3 trillion SHIB have been burned since the cryptocurrency was first launched.
Source: Shibburn
Needless to say, given the room to expand, the SHIB community keeps coming back with new initiatives to burn SHIB. This has a lot of impact on the altcoins circulating supply†
But why the faith?
Ethereum whales may also be optimistic about Shiba Inu’s metaverse opportunity. This, coupled with the expectation that Shiba Inu’s broad adoption potential could do the trick in the future. In addition, the altcoin has a much more attractive price than it has had in a long time.
Buying pushed the price from a weekly low to its press time price of $0.000024. The price of Shiba Inu is in a continuous downward trend after hitting new highs in October. Unfortunately, it has bounced back from its resistance line repeatedly since then.