Shiba Inu, the world’s second largest crypto meme, is receiving huge support from the community while being on an upward rally. SHIB’s price has climbed over 41% in the past 30 days. However, this rise has been primarily driven by the recent rally in the crypto-currency market.
Shiba Inu’s price drops due to a spike in burn rate
According to data provided by Shibburn, the burn rate of the Shiba Inu coin has increased by approximately 950% in the last 24 hours. In order to achieve this figure, the SHIBarmy burned over 11.1 million SHIB chips.
The data tracker reported that nearly 1.2 billion Shiba Inu coins were burned in the month of January in just 223 transactions.
Shiba Inu prices have seen a marginal decline over the past 24 hours. Meanwhile, SHIB has proven to be more profitable than Dogecoin (DOGE) in the long run. The price of DOGE has fallen by 8% over the past 60 days, while SHIB has recorded a 25% increase over the same period.
SHIB is trading at an average price of $0.000012, as of press time. However, its 24-hour trading volume has declined 30% to $225 million. Shiba Inu has a market capitalization of $6.4 billion.
SHIB, ETH whales’ top pick
A wave of accumulation of Shiba Inu coins among the top 100 Ethereum (ETH) whales has been spotted. According to data provided by Whalestats, SHIB has become the most traded token among the largest whales. Shiba Inu toppled the Wrapped Ethereum Token (WETH) to win the top spot.
The Shiba Inu coin was ranked in the top 10 most purchased tokens among the 100 largest ETH whales over the past day. However, SHIB is the largest token held by these whales in dollar value. The top 100 ETH whales hold $586 million in SHIB chips.
However, the cumulative holding of the top 2000 ETH whales is now $607 million.