Shiba Inu (SHIB) has been one of the best performing cryptocurrencies in the previous 24 hours. The price of the second largest meme coin has reached $0.000015 after a daily increase of about 30%.
The latest price increase for Shiba Inus is mainly due to an increase in the burning rate. In the first month of 2023, about 1.12 billion tokens were released through SHIB’s burning gate.
Experts speculate that the recent announcement by the Canadian crypto payment gateway FCF Pay will support the three main tokens of the Shiba Inu ecosystem (SHIB, LEASH, and BONE) on prepaid Visa and Mastercard cards also contributed to the rise of SHIB.
FCF Pay Cardholders will soon have the ability to preload their card with up to $5000 worth of SHIB, LEASH, and BONE, in addition to other cryptocurrencies such as Bitcoin and major stablecoins.
Shiba Inu: Strong Investor Fanbase
According to WhaleStats, SHIB, which has gathered large investors since its creation in August 2020, is now the most traded cryptocurrency among the top 1,000 Ethereum whales. Crypto also holds the biggest place in terms of dollar value.
In addition, there are claims that the release of Shibarium Layer 2 Shiba Inu, an extension of the Ethereum blockchain, could lead to the destruction of trillions of tokens. As these tokens are consumed, their quantity decreases and their value increases.
📰 LIVE: $SHIB @Shibtoken reversed $WETH for MOST TRADED tokens among the top 1000 #ETH pope
See the top 100 whales here: https://t.co/jFn1zIOq03
(and hodl $BBW to see data for the top 1000!)#SHIB #WEH #whalestate #babywhale #BBW pic.twitter.com/qieNpMIfPD
— WhaleStats (tracks crypto whales) (@WhaleStats) February 3, 2023
The Shibarium Blockchain will use SHIB as its native coin, which is anticipated to reduce gas costs and accelerate the expansion of the Shiba Inu Web3 ecosystem.
In the previous 24 hours, the trading volume of meme coins has exploded by 94%. WhaleStats also reported that investors own $631 million worth of SHIB coins.
Image: Watcher Guru
Shiba Inu, the biggest meme coin competitor to Dogecoin, has been introduced to several major cryptocurrency platforms, including Coinbase, Kraken, and Robinhood. Previously, it was exclusively available on decentralized exchanges such as Uniswap.
SHIB Balloon Wallet
Over the course of a year, the number of Shiba Inu held by wallet addresses has increased. The number of wallet addresses holding SHIB for more than a year has been steadily increasing over the past year, as shown in the chart below.
Shiba Inu addresses by time held. Image: FXStreet
Whale Alert, a blockchain tracking tool, reported that the wealthy entity transferred 1,999,998,709,228 SHIB worth $24.20 million from a major cryptocurrency exchange to an unnamed wallet in four different transactions.
The transaction took place within five minutes, suggesting that one person had a massive hoard of SHIB. For four transactions, the whale paid a total of $6.51 Ethereum (ETH) in transaction fees.
SHIB total market cap at $8.2 billion on the weekly chart | Chart: TradingView.com
SHIB maintains a strong correlation with Bitcoin. Based on statistics from crypto intelligence tracker Coingecko, the link between meme coin and Bitcoin is currently 0.97.
The correlation between SHIB and BTC may have a negative impact on the coin’s ascension unless bulls can push the meme currency higher.
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