Shiba Inu, the popular meme-cryptocurrency, recently announced the new SHIB Burn Visa card. It burns SHIB while making payments. In fact, a SHIB Burn Visa Card comes with the slogan “Make payments, burn SHIB.”
Now, days later, here’s a fact check on the said initiative.
‘On fire’ report card
SHIB’s community keeps burning Shiba Inu to reduce its circulating supply and thus, take the coin’s price to new highs. Has there been any price uptick? Yes. The altcoin noted a 3% surge on CoinMarketcap as it traded around the $0.00001 mark, at press time.
Now that the price did increase, some burning mechanism would indeed have taken place.
SHIB burn tracker with its own website, Shibburn, recorded the aforementioned surge in burning tokens. Over 24 hours, a significant chunk of the cryptos have been burned as per the platform. In fact, the SHIB community managed to destroy 518,535,618 canine crypto-tokens over the aforementioned period.
This represented a 150% hike, when compared to the previous 24-hour period of burning.
Overall, (from initial supply) 410,375,666,671,638 SHIB have been sent to dead end wallets as seen on the said platform. The rising demand from the largest ETH whales made the aforementioned burning mechanism more feasible.
As per the whale tracing site Whalestats, the top 100 ETH whales held more than $500,000,000 worth of SHIB. In fact, the flagship token still remains the coin on which Ethereum whales still make the highest bets.
🐳 The top 100 #ETH whales are hodling
— WhaleStats (free data on crypto whales) (@WhaleStats) July 30, 2022
This, indeed, could explain the small surge in trading volume on Santiment. Thereby, showcasing the growing interest in the altcoin.
Shiba Inu’s composition seems to have taken a dramatic turn for the good. Additionally, SHIB’s long-term holders maintained a bullish outlook, despite the obvious low/consolidated price.
According to IntoTheBlock’s data on holders’ composition, 26% of SHIB holders held onto their tokens for more than a year. This represented a hike from mid-June’s stats when the same composition stood <20%. Apart from this, 70% held within a year, while 4% held onto their tokens for less than a month.
Interestingly, the aforementioned stats come at a time when its current holders have weathered heavy losses. Even the community behind the token continues to see different developments to uplift investors’ moods.
For instance, recently, the community welcomed David Kern (former Principle Technical Artist for Sony) to the Shiba Inu Metaverse’s Team as an advisor.