Shiba Inu, the popular meme-inspired token, continues to trade at a steady range, despite major activity in the market over the past two weeks. As of this writing, Shiba Inu (SHIB) is valued at a price of $0.00001123, tallying a 3.4% increase in the past two weeks, according to data from CoinGecko. However, it is worth noting that the token has been experiencing a slight 0.98% decline in the last 24 hours.
According to Etherscan.io data, the 29th-largest Shiba Inu whale dumped a staggering 538 billion SHIB over the course of 12 days in five significant transactions. In a selling spree that kicked off on April 2nd, the whale sold 20 billion SHIB (worth $2.25 million) in one transaction.
This huge sale was followed by an additional 100 billion SHIB and 88 billion SHIB on April 5 and April 7, respectively. Four days later, the whale disposed of another 72 billion SHIB valued at $812,880. Finally, in a transaction executed nearly 48 hours from press time, this individual sold off an additional 78 billion SHIB (worth approximately $880k).
Despite the relentless sell-off, this Shiba Inu whale still owns a staggering 3.59 trillion SHIB – valued at about $40.31 million. So, it remains to be seen whether the dump will continue or cease.
The burn numbers in the first half of April have been tremendous, with over 1.52 billion SHIB burned in the past 24 hours. This represents a staggering 45237.78% increase in the token’s burn rate. The Shiba Inu community collectively set fire to these tokens through 12 different transactions, most of which were carried by a mysterious wallet, Koyo (KOY).
However, the cryptocurrency’s price has not been reflective of its increasing SHIB burn rate. Despite the positive trend, which also saw nearly 7 billion SHIB tokens burned in March, the value of the coin is not reaching expectations.
On the Shiba Inu Telegram channel, a particular member expressed their frustrations at the failure of the SHIB price to move up – as expected. In response, Shytoshi Kusama – the lead developer of SHIB – called the meme coin an exciting investment for swing traders.
According to him, following the recent surge in BTC and ETH prices, many traders are expecting the altcoin season to begin soon, which would likely also benefit the SHIB price. Additionally, Kusama mentioned that the burns are still too low to make any significant impact on the value of Shiba Inu.
While the SHIB burn numbers sound pretty outstanding, they are much less remarkable when converted to fiat. For example, the record-breaking 1.52 billion SHIB burned in the past day was worth just $17,070.
Compared to the coin’s total circulating supply of 589,536,819,759,861 SHIB, only 0.000258% of all circulating SHIB tokens were burned in the last 24 hours. This explains why the price of Shiba Inu has remained stable despite significant market activity.
Related Reading: Shiba Inu Community Destroys 35 Million SHIB, Will It Shift The Momentum?
Opeyemi is a proficient journalist and content writer at NewsBTC, with an avid interest in cryptocurrency, blockchain technology, and Web3. As an astute analyst, Opeyemi covers news on the latest trends, actions, events in the crypto market. With a keen eye for detail and profound understanding of the crypto space, he delivers insightful analysis and engaging stories to diverse audience of investors, traders, and enthusiasts. Opeyemi boasts an extensive background and deep experience in content writing. Besides his professional work at NewsBTC, he also curates well-written pieces for various crypto media sites, including Bitcoinist, Chain Debrief, and Coinmash. When Opeyemi is not clicking away at his keyboard, he is probably listening to music from his multi-genre playlist or watching his favorite soccer team. He is also genuinely interested in politics, social issues, and interior design. You can follow Opeyemi on Twitter at @fwOpeyemi or on LinkedIn at Opeyemi Sule.
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