Shibarmy continues to support the Metaverse initiative unveiled last year. Project land is being sold rapidly, along with the tokens needed for trading within the shib.io metaverse.
Meanwhile, the best-known meme coin ended the year on a high after gaining +3.22% over the past 24 hours, pushing the coin’s price to €0.00000816. A respectable performance was achieved by a trend that began shortly after New Year’s Eve, with the Shiba Inu’s value rising just 7.33% in seven days.
Whales Accumulate Shiba Inu – Binance Is Currently Largest Holder
According to data from cryptocurrency tracking firm Whale Alert, a huge amount of Shiba Inu remittances were recorded on the Ethereum blockchain. The transaction included the transfer of 3,373,256,285,000 SHIB, valued at up to $28.7 million at the time of transfer.
Neither the sender nor the recipient had a known address in this transaction. The sender of this transfer was almost certainly a whale, as it had to move a significant sum of money.
Additionally, according to etherscan.io data, Binance, the world’s largest cryptocurrency exchange, currently owns 83 trillion SHIB, or $738,549,274 ($738,540,000), and is called “Binance 28 ” and “Binance 8”. It is the largest holder of tokens. Additionally, Shiba Inu has been named by Binance as his third cryptocurrency to watch in 2022, behind Ethereum and Bitcoin.
Shiba Inu Burning
According to the SHIB Burn website, the Shiba Inu’s burn rate has increased by more than 1390% in the last 24 hours. The massive burn rate is associated with both the planned launch of layer-2 blockchain system Shibarium in early 2019 and the resurgence of whales.
A total of 410,384,426 SHIB tokens have been burned in the last 24 hours. The burn rate increased by 1395.89% from the previous day.
As a result of mass burn, there will be fewer tokens in circulation, so the price will rise. One transaction revealed the burning of 14,999,999 SHIB tokens in order to squeeze the supply of the memetic cryptocurrency.
Why is the price of SHIB skyrocketing?
This recent burn increased SHIB by about 5%. Also, there was a noticeable gap in the price of SHIB between burns and outbreaks. SHIB was trading at $0.00000832 before the burn, but after the burn it surged to around $0.00000900. If over time demand outstrips supply and more SHIB is consumed, the value of SHIB may increase more than expected.