Developers of the Shiba Inu protocol tried to distance themselves from the predominant memecoin story in 2020. In an effort to do this, they even introduced new technical services in 2021. This has contributed to its community acceptance and awards over the years.
In fact, the platform has also made it into the Metaverse, the next iteration of social media that has seen a lot of hype lately.
count on you
SHIB’s price saw a 6% spike on Wednesday as whales — a colloquial term for large holders of a particular asset — were added to their positions. According to data shared by WhaleStats, the top 1,000 whales by asset have significantly increased their exposure to this altcoin. For example, the largest Ethereum whales own more than $1.4 billion worth of the meme-inspired cryptocurrency.
That’s not all. Holdings of SHIB ($1.4 billion) surpassed the original cryptocurrency of the FTX exchange – FTT ($1.36 billion). Simply put, SHIB is now the second largest holding of the largest Ethereum whales in their portfolios.
— WhaleStats – BabyWhale ($BBW) (@WhaleStats) March 7, 2022
Needless to say, this position was the result of a shopping spree. On Feb. 17, Whalestats highlighted that ETH whale holdings crossed the $2 billion mark. Similarly, SHIB topped the list of altcoins based on total holdings.
Ethereum whales have been loaded onto SHIB as plans to burn the supply of the meme-inspired cryptocurrency through various initiatives have taken shape. For example, Steven Cooper, CEO of cryptocurrency entertainment company Bigger Entertainment, has supported the SHIB community in burning 10% of its stock.
Before announcing the next fire feast, let me make this clear… This is not for pumping, this is to reduce supply. #Shib price should not change at all. Our focus as a community is to collectively reduce 10% of the supply and we hope the Dev team follows suit by focusing on 20% or more. #shibarmy
— Steven Cooper (@iamstevencooper) March 1, 2022
In addition, the leading digital payment platform Wirex added the meme coin on March 7.
Room for improvement
According to data from the token burning tracking platform Shibburn, a total of 410.3 trillion SHIB have been burned since the cryptocurrency was first launched.
Needless to say, given the room to expand, the SHIB community keeps coming back with new initiatives to burn SHIB. This has a lot of influence on the circulating supply of the altcoin.
But why the faith?
Ethereum whales may also be optimistic about Shiba Inu’s metaverse opportunity. This, coupled with the expectation that Shiba Inu’s broad adoption potential could do the trick in the future. In addition, the altcoin has a much more attractive price than it has had in a long time.
The purchase pushed the price from a weekly low to the pre-press price of $0.000024. The price of Shiba Inu is in a continuous downward trend after hitting new highs in October. Unfortunately, it has bounced back from its resistance line repeatedly since then.
This post Shiba Inu, Not FTT – Why Ethereum Whales Have New ‘Favorites’
was published first on https://ambcrypto.com/shiba-inu-not-ftt-why-ethereum-whales-have-new-favorites/