Data Reveals: Shiba Coin (SHIB) Among Top Picks
Dog-themed cryptocurrency Shiba coin, namely Shiba Inu (SHIB), started the new day with a drop. SHIB, which exhibited a fluctuating chart for the past week, made a weekly close at $0.000030 yesterday. Following the decline in Bitcoin price after the closing, the memetoken fell to the level of $0.000029. Recent on-chain data has shown that the dog-themed cryptocurrency is back on the whales' radar. In the ongoing "Shibburn" party, about 330 million tokens were removed from circulation last week.
Cryptocurrencies started the new week with a decline. Testing the $44,000 levels twice last week, Bitcoin fell after closing the weekly close at $43,000. With this momentum that Bitcoin has lost, many altcoin projects have turned their direction down. Shiba coin, which caught $0.000033 levels during the week, returned to the levels of $0.000029 in the process.
Shiba Coin Among The Most Preferred
Despite this fluctuation in the Shiba Inu price, the data continues to show that large investors continue to buy Shiba coins . According to data shared by Whale Stats, one of the popular on-chain data analysis sites, SHIB is once again one of the most preferred tokens by whales. In the shared data, Shiba Inu entered the top 10 among the most purchased tokens among major wallets. Although the volume of purchases was insignificant compared to the quantities owned by the whales, it still showed the presence of interest in SHIB.
While the whales' purchasing activity is an important indicator, the total value of Shiba coin holdings at whale addresses remained at $1.5 billion, with SHIB falling to second place. FTX Token (FTT) took the first place with a total assets of $ 1.8 billion. As it is known, Whale Stats, which monitors the movements of the largest 1,000 Ethereum whales, ranks cryptocurrencies according to the total value of the tokens in the wallets of these whales. Shiba Inu, which has managed to take the first place in this ranking for a long time, has been fighting an important battle with FTT in recent weeks.
330 Million Tokens Burned
An important event that may affect the Shiba Inu price in the long run is in full swing in the new year. In the Shiba coin burning event, which started in the last weeks of 2021, significant amounts of SHIB were transferred to the burning wallets. According to data shared by Shibburn, an automatic SHIB burning account that has also been officially approved by Shiba Inu developers, approximately 330 million SHIBs were removed from circulation last week. In the last 24 hours, 17 transfers to these wallets were detected and shared in the Shibburn account;
“A total of 134,519,822 SHIB tokens have been burned in the last 24 hours, including 17 transfers. With the last burns, 410 trillion of the 1 quadrillion total supply, or 41.03% of the Shiba Inu, have been removed from circulation.”
Cooper Leads
It is known that the owner of Bigger Entertainment, Steven Cooper , led the Shiba coin burning event . The famous name burned about 2.8 million SHIBs last week. Since the start of the event, Cooper has transferred approximately 1 billion SHIBs to burn wallets. Cooper says he plans to burn another 1 billion SHIBs.
Although there have been transfers from many different accounts to these wallets recently, Vitalik Buterin, the founder of Ethereum, removed a significant part of the Shiba coin supply from circulation. During the production process of the Buterin token, 50 trillion of the assets sent to his personal wallet were sent to the account of the India Covid Relief Fund , causing a great decrease in the price of SHIB. The founder of Ethereum then sent the remaining tokens in his wallet to the burning wallet and removed a sizable amount of SHIB from circulation.