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Cryptogambling / Shiba Inu witnesses withdrawal of over 8 trillion SHIB tokens

Shiba Inu witnesses withdrawal of over 8 trillion SHIB tokens

Publish Date: 25/12/2023
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The meme-inspired cryptocurrency Shiba Inu has experienced a withdrawal of over eight trillion SHIB tokens, valued at approximately $88 million, starting in November and continuing through December 24.

A detailed look at transaction sizes in the Shiba Inu trading community, based on IntoTheBlock data, indicates diverse activity.

Over 30 days, transactions ranging from $0.00 to $1.00 increased by 25.71 percent, while larger transactions surpassing $1 million surged by 150 percent. The most significant transaction volume within a week peaked at 15.34 trillion SHIB, totaling $158.1 million.

These data illustrate active involvement from both small and big investors in Shiba Inu, showcasing a diverse range of participants.

The Decentralized Finance (DeFi) tracking company Lookonchain has noticed a trend where big investors, like Tron founder Justin Sun and others with significant wealth, are accumulating SHIB.

For example, a wallet named “0xa656” transferred 237.87 billion SHIB from Binance. At the same time, two wallets, likely owned by one investor, bought 850 billion SHIB, spending more than $7.5 million. These investments occurred alongside a recent increase in the price of the meme cryptocurrency.

On Christmas Eve, SHIB remains stable. It has only shown a slight two percent increase in the last 24 hours, reaching $0.00001. Other tokens in the SHIB ecosystem, such as BONE and LEASH, experienced small losses of 1.17 percent and 0.5 percent, respectively.

SHIB’s burning rate skyrockets over 28k percent

Last week, Shiba Inu experienced a remarkable surge in its token burning rate, escalating by more than 28,350 percent.

Data from Shibburn, a Shiba Inu burn tracker, revealed a transfer of over 6.3 million SHIB tokens to a non-usable wallet.

This sudden increase in the burn rate follows Shiba Inu’s recent partnership announcement with D3 Global.

Shytoshi Kusama, SHIB’s lead developer, highlighted the importance of global adoption through impactful burns.

“Impactful burns will only take place through global adoption. We’ve seen adoption trickle in through 2023, but what can be done to ensure $Shib adoption worldwide perpetually?” said Kusama.

Shiba Inu partners with D3 Global to enter Web3

Shiba Inu recently announced a partnership with domain company D3 Global to secure the .shib top-level domain.

This move positions Shiba Inu as one of the pioneering decentralized ecosystems to collaborate with D3 in securing a dedicated top-level domain via the Internet Corporation for Assigned Names and Numbers (ICANN).

ICANN aims to integrate the regular domain name system (DNS) with the Web3 sector. The Shiba Inu-D3 partnership aims to offer more than five billion internet users effortless access to the Shiba Inu ecosystem.

Shibarium’s TVL dips almost 9%

Shiba Inu Layer-2 blockchain Shibarium’s Total Value Locked (TVL) has dipped to $1.03 million, down by 8.98 percent in the last 24 hours from its peak of $1.13 million on December 23. It was the first time since September that its TVL surpassed $1 million.

Data from DeFilLama indicate that decentralized exchanges contribute the most to Shibarium’s TVL, with MARSWAP and ChewySwap making up around $820,000.

Additionally, Shibarium experienced a surge in transactions during December. It has been averaging around seven million daily transactions, totaling 177 million transactions from 2.2 million blocks.

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