AnalysisCryptocurrency news

Popular Meme Coin Has Become The Focus Of The Market Again With These Developments!

With these developments, the most known and preferred meme token becomes the focus of the market and reaches the status of the most used smart contract.

Popular Meme Coin Has Become The Focus Of The Market Again With These Developments!

Known as the doge killer and shown among the most popular meme tokens, Shiba Inu (SHIB) continues to be the focus of the market, both with its token burnings, becoming the favorite of whales and the support of its ecosystem that never diminishes.

Known for tracking the burns of SHIB tokens, the Shibburn platform states that 10 million SHIBs were burned in the last 24 hours and these transactions were completed in 8 different transactions. In addition to these burnings, the big SHIB burning parties of the company named Bigger Entertainment and its CEO Steven Cooper are more prominent. The company has taken steps that will significantly increase the price of SHIB, both by removing large amounts of SHIB tokens from the supply in these burns, and by including the tickets purchased by those who want to participate in these parties. However, it is not yet known when the new burning party, which was last held in March, will arrive.

Besides, SHIB remains one of the whales’ favorite altcoins. An ETH whale named Tolkien adds 51 billion SHIB to its portfolio, while on the other hand, with these movements of whales, Shiba Inu is considered the most used smart contract in the last 24 hours. It is also known that another ETH whale named Bombur bought 51 billion SHIB and another ETH whale named BlueWhale0073 bought 1.17 trillion SHIB. In general, it is noteworthy that since April 10, the three big investors in the Ethereum blockchain have received huge amounts of SHIb.

Impact of Events on SHIB

Burns and whales’ purchases seem to be not enough for SHIB ‘s price recovery yet. At the time of this writing, SHIB is trading at around $0.0000252, down more than 2% in the last 24 hours. While the crypto market has been recovering for two days, SHIB’s price drops and spikes show that its volatility has increased.

With the latest Robinhood listing, SHIB was able to gain as much as 20% upward momentum. However, SHIB, which could not maintain this, seems to continue its two-week decline. Also, on a weekly basis, SHIB seems to have gained about 10% monthly, although it decreased by 6%.

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton he is the editor-in-chief of the news portal. Blockchain is love.

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