Shiba Inu (SHIB) has been among the best-performing cryptocurrencies over the previous 24 hours. The price of the second-largest meme coin has reached $0.000015 after a daily increase of about 30%.
Recent price increases for Shiba Inus are primarily attributable to a tremendous increase in burn rate. In the first month of 2023, around 1.12 billion tokens were disposed of through SHIB’s burn gateway.
Experts speculate that the recent announcement by Canadian crypto payment gateway FCF Pay that it will support the three primary tokens of the Shiba Inu ecosystem (SHIB, LEASH, and BONE) on its prepaid Visa and Mastercard cards is also contributing to the rise of SHIB.
Cardholders of FCF Pay will soon have the ability to preload their cards 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 amassed a large investor following since its creation in August 2020, is now the most traded cryptocurrency among the top 1,000 Ethereum whales. The crypto also retains the largest place in terms of dollar valuation.
Moreover, there are claims that the release of Shiba Inu’s Shibarium Layer 2, an extension of the Ethereum blockchain, could result in the destruction of trillions of tokens. As these tokens are consumed, the quantity drops and the value rises.
📰 JUST IN: $SHIB @Shibtoken flipped $WETH for MOST TRADED token among top 1000 #ETH whales
Peep the top 100 whales here: https://t.co/jFn1zIOq03
(and hodl $BBW to see data for the top 1000!)#SHIB #WETH #whalestats #babywhale #BBW pic.twitter.com/qieNpMIfPD
— WhaleStats (tracking crypto whales) (@WhaleStats) February 3, 2023
The Shibarium blockchain will utilize SHIB as its native coin, which is anticipated to result in reduced gas fees and a more rapid expansion of the Shiba Inu Web3 ecology.
In the previous 24 hours, the trade volume of the meme coin has exploded by a remarkable 94%. WhaleStats also stated that investors own SHIB coins worth a staggering $631 million.
Image: Watcher Guru
Shiba Inu, the largest 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 Wallets Ballooning
Over the course of a year, the quantity of Shiba Inu held by wallet addresses increased dramatically. The amount of wallet addresses holding SHIB for more than a year has risen steadily over the past year, as indicated in the graph below.
Shiba Inu addresses by time held. Image: FXStreet
Whale Alert, a blockchain-tracking tool, reports that an affluent entity transferred 1,999,998,709,228 SHIB worth $24,20 million from a major cryptocurrency exchange to an unnamed wallet in four distinct transactions.
The transactions occurred within five minutes, indicating that a single individual owned the vast SHIB hoard. For the four transactions, the whale paid a total of $6.51 worth of 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 the meme coin and Bitcoin is currently 0.97.
The correlation between SHIB and BTC may have a negative impact on the coin’s ascent except if bulls drive the meme currency upward.
Featured image from Shutterstock