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

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Source: Unsplash


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

Favorite pet 

SHIB was back on the top 10 purchased tokens; it was the most used smart contract by the 100 most giant ETH whales over the last 24 hours.

 

Here was the latest acquisition from a dominant buyer. An Ethereum whale scooped up over 271 billion Shiba Inu ($SHIB) tokens amid an ongoing accumulation of the meme-inspired cryptocurrency. The whale purchased its tokens for a little over $6 million.

The popular meme coin increased the number of tokens burnt, which signified the sheer demand. According to data from burning tracker ShibBurn, the number of tokens burned saw the meme-inspired cryptocurrency’s burn rate jump 7000%.

Similarly, another SHIB community-related project shared data showing that they burned a total of 300 million Shiba Inu tokens over the past few days. At press time, burn rate jumped after over 745 million tokens burned in only 24 hours.

Still no interest? 

Despite the fact that the number of Shiba Inu coin holders has been continuously expanding over the past three months, the token experienced a massive loss of more than 30,000 holders in a single day. The total number of unique addresses on the network holding the dog meme coin was on a steady climb over the last three months.

Source: CoinMarketCap

As per the graph above, until 17 March, it saw a major dip by 32,832 holders. Between 16 and 17 March, the number went from 1,199,453 to 1,166,621 – a 2.74% drop.

Furthermore, the interest in the keyword ‘Buy Shiba Inu coin’ on Google was also on a downtrend. The Google Trends score reduced from 100 on 30 November, 2021, to only three on 28 February. It represented a drop of a staggering 97% during this period.

Source: Google Trend

What about its price action? The 15th largest coin did show some enthusiasm as SHIB saw a fresh 1.8% rise in the past 24 hours. At press time, it was trading at the $0.00002 mark.

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Shubham is a full-time journalist/ Crypto data analyst at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on the cryptocurrency sector with particular emphasis on market research studies and communications for >2 years. Also, a die-hard Chelsea fan #KTBFFH.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.