Record-breaking has become a routine for Shiba Inu ever since its introduction in the market. It has only been a week since the canine coin toppled Polygon to become the 14th largest coin in the market by market cap. Now, the coin has flipped FTT to reach the top in the top 1000 Ethereum whales’ wallets. It looks like the whales have again put their faith in Shiba Inu even after the dire loss some of them incurred in the past months.
Shiba Inu seems to be back on track as the whales have returned to the so-called ‘Dogecoin Killer.’ Recently, the FTT token from the FTX platform was defeated by SHIB in the wallets of the top 1000 Ethereum whales by USD value. Reportedly, SHIB reached a whopping $1,665,876,442. However, these dreamy turntables did not last long as the subsequent Twitter posts claimed that FTT reclaimed its position in the wallets just after Ethereum. Currently, FTT accounts for over 15% of the total wallet holdings of the whales and values over $1.2 billion. SHIB lost some ground from the momentary top position and fell to $1.1 billion, which accounts for nearly 14% of the entire holdings.
As these events are taking place on one side, Shiba Inu is breaking walls and gaining new holders every day. According to WhaleStats, the meme-coin has well over 1 million holders currently and counting. The post also informs us that the top 1000 Ethereum whales hold a whopping 55,732,495,492,864 of the total SHIB tokens currently in circulation. The constant burning of SHIB coins could be a viable reason for the whales’ interest in the coin as the price may go up anytime.
The burning trend of Shiba Inu continues as opinions from everywhere claim that it could be a possible hindrance for the coin’s growth in the future. Some even believe the coin’s growth in such a short time owes much to Vitalik Buterin, who burnt around half of SHIB’s initial circulation. However, the coin still has a circulation of several hundred trillion, which would Block the coin’s journey towards 1 cent.
The community is still burning away the coins from circulation. More importantly, it is done more rapidly than anyone could have imagined. Over 150 million tokens were burnt in the last three days alone. The largest burnings in recent times carried between 20,000,000 to 30,000,000 coins. The Twitter handle ShIbBurn recorded that around 90 million coins were burnt in the last 24 hours alone. These coins are locked away in a non-transferable wallet and would stay there forever. A controlled circulation limit could help Shiba Inu to escape its current freefall in the market. Experts in the crypto industry are divided when it comes to SHIB’s potential to reach the moon. Read this Shiba Inu coin price prediction to learn where the coin is headed.
