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Shiba Inu Reaches New Milestone as Whales Increase Transactions by 75%

Tue, 04/05/2022 - 11:50
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Tomiwabold Olajide
Shiba Inu whales have been on their toes in the last 24 hours
Shiba Inu Reaches New Milestone as Whales Increase Transactions by 75%
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In a celebratory tweet, the SHIB Twitter account announces a new milestone for the meme cryptocurrency community as Shibtoken's official Instagram marks more than 150,000 followers. The team behind the meme cryptocurrency then went on to thank the SHIB community for its support.

Per IntoTheBlock data, Shiba Inu whales have been on their toes in the previous 24 hours, with a 75% increase in large transactions. Large transaction spikes are frequently associated with increased activity from institutional players, or whales, who are either buying or selling.

These transactions exceed $100,000 moved, according to IntoTheBlock.

Large Transactions, Source: IntoTheBlock

Recently, the third-largest whale on the Ethereum blockchain, marked "Tsunade," purchased 86 billion Shiba Inu tokens in a transaction valued at $2.3 million.

On April 4, it was reported that the Bitcoin of America network of crypto ATMs had added Shiba Inu, following the addition of Ethereum and Dogecoin to the range of coins this chain works with.

Now, users can buy these cryptocurrencies from Bitcoin of America kiosks, along with BTC. Dogecoin was added by the network in February, causing the price of the meme coin to spike.

The SHIB Army continues to reduce the circulating supply of the second most popular meme cryptocurrency, Shiba Inu, by burning tokens.

Every 24 hours, a certain amount of SHIB gets burnt in an attempt to gradually shrink the SHIB supply in circulation.

Almost 180 million tokens burned

As reported by Shibburn tracker in the past 24 hours, a whopping 179,387,035 SHIB have been burned.

In a recent blog post, Shiba Inu-themed fast food chain Welly has confirmed that it will actively participate in the process of burning SHIB tokens with the help of crypto payment gateway NOWPayments.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.