2.3% of Shiba Inu (SHIB) circulation supply is being held by 1,000 biggest ETH holders
As reported by WhaleStats, which tracks the transactions and positions of Ethereum holders, over $150 million worth of SHIB from Shiba Inu have settled in the portfolios of the 1,000 largest ETH whales. SHIB makes up 4% of the total portfolio size of this group of investors, yielding to USDC and USDC, wrapped solutions in the form of stETH and wBTC, as well as ETH.
🐳 The top 1000 #ETH whales are hodling
— WhaleStats (free data on crypto whales) (@WhaleStats) August 12, 2022
Shiba Inu (SHIB) Worth $150 Million Settled in 1,000 Biggest ETH Whales’ Pockets
It can also be noted that Ethereum whales’ share of stablecoins is 40%, which gives a fairly clear vision of the attitude of this group of investors to the current situation in the crypto market. The 2,000 largest Ethereum holders hold more than 10% of the SHIB offering in their hands, the equivalent of $660 million. Using new data from WhaleStats, it is easy to see that the largest share of SHIB at $450 million is concentrated in the hands of the second thousand ETH whales.
It is hard to say whether such a large concentration of SHIB in the hands of one group of investors poses a threat, but this fact should be viewed as rather positive. The fact that the whales have accumulated SHIB may tell us that the big players believe in the project and are willing to bet their money on it. Such behavior may also indicate that ETH whales believe that SHIB is near its lower price thresholds and it is safe enough to aggregate here.
Only 394 Million SHIB Burned This Week, Here’s Why Mechanism Is Not Effective
The Shibburn portal, which reports on the number of SHIB that have been burned, has once again announced that 30.43 million SHIB have been burned in the last 24 hours. Normally, such news is greeted with joy by optimistic Shiba Inu fans, because the burning, especially of millions of SHIBs, is meant to reduce the number of coins in circulation and, through deflation, increase the price of SHIB.
Nevertheless, six-figure burning amounts do not work in the case of Shiba Inu, because 30 million SHIB is only $370, which is literally 0.0005% of the project’s capitalization. Moreover, if you look at the statistics of SHIB burning for the last five days since the end of last week, it turns out that during this period 394 million SHIB were burnt, which in turn does not even exceed $5,000.
This is really quite a strange situation. On the one hand, SHIB quotes are at the bottom, and it would be more logical to burn more of the 550 trillion SHIB in circulation now. At the same time, if the crypto market starts to thrive and prosper again, it will be much more expensive to burn a lot of SHIB for a good increase in Shiba Inu capitalization. This story is also confused by the fact that 10% of the SHIB supply is concentrated in the wallets of the 2,000 largest Ethereum holders. Maybe ETH whales are not interested in burning their SHIB wealth and hope that smaller holders will do it for them. It is also possible that Shiba Inu does not need abundant token burning at all and, for the purpose of offering hundreds of trillions of tokens it is enough, but then no special price spikes are worth waiting for.
- Shiba Inu (SHIB) Surges On Positive Inflation Report, Shows One Of Best Reactions On The Crypto Market
- After Shiba Inu And Dogecoin, Gucci Has Now Started Accepting ApeCoin