Cetoex News – Etherscan has revealed new data that shows Shiba Inu (SHIB) whales and various wallets have moved almost 40 billion from various cryptocurrency exchanges. Moreover, the Shibarium network has continued to grow, reaching a host of new milestones. 

Shiba Inu whales were at work today, as Etherscan noted a plethora of transactions that occurred in just an hour. Moreover, the six transfers saw transactions of 6 billion SHIB on the move. The smaller transaction contained 1.5 billion SHIB, with the largest moving 9 billion of the meme coin. 

40 Billion SHIB on the Move? 

According to data from Etherscan, Shiba Inu whales had moved more than 40 billion SHIB in only an hour. Moreover, among the billions of meme coins that were on the move, 13 billion were purchased, and subsequently withdrawn from the Crypto.com exchange. 

Additionally, 1.5 billion was acquired on KuCoin, then withdrawn and sent to a cold wallet. Moreover, 6.1 billion Shiba Inu coins were then transferred to a Binance wallet, with 6.5 billion on the move from the OKX exchange. These assets are likely to be sold. 

In total, the 36.5 billion SHIB equates to a total of $316,090, according to the current price of the asset. Moreover, there seem to be no indicators as to why the funds were being purchased and transferred. Yet, it arrives as Shibarium continues to reach new milestones.

Shibarium Hits New Milestones

The highly anticipated layer 2 network Shibarium, has continued to reach milestones on its Puppynet. Moreover, these developments show that the utility of the ecosystem has continued to expand.

Specifically, the total number of transactions that take place on Puppynet has exceeded 11.5 million. Additionally, the number of crypto wallets engaging on the test net is nearing the 16 million mark. 

These developments show the health of the Shiba Inu ecosystem, which should be undeniably encouraging. Moreover, with updates arriving in the near future, the meme coin’s community should be ecstatic about what’s to come from the project. 

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Cetoex News – Despite the rise of other meme coins like PEPE and LADYS, Shiba Inu [SHIB] has maintained its momentum. The development of Shibarium has progressed steadily, unaffected by the emergence of these new competitors. Although the price of SHIB has not experienced significant growth, the burn rate of the token has been steadily increasing. In fact, the community successfully burned over 50 million SHIB today, demonstrating a continuous effort to reduce the circulating supply of the asset.

According to Shibburn, the Shib Army transferred approximately 50,188,691 SHIB tokens to inactive or dead wallets. This significant movement of tokens resulted in a remarkable 8627.82% surge in the burn rate.

Today, the top burners in the Shiba Inu ecosystem were an unknown wallet and the SHIB Super Store. The anonymous wallet conducted a single transaction, burning a substantial amount of 39,511,911 SHIB tokens. On the other hand, the SHIB Super Store publicly declared its participation in a community-led burn initiative by sending 10,676,779 SHIB to a dead wallet. These significant burn contributions from both entities reflect a collective effort within the SHIB community. This is being done to reduce the token supply and potentially increase its scarcity.

Shiba Inu community bid adieu to 3 billion SHIB last week. Shibburn further revealed that the community burned a total of 3,054,599,199 SHIB tokens from circulation. This was carried out in the last seven days.

Shiba Inu holders continue to drown in losses despite increased burn efforts

The increase in burns did not reflect on the price of SHIB. The meme coin, at press time, was trading for $0.000008816. After a ‘bloody’ week, the asset was up by 1.40% over the last 24 hours. Nevertheless, the holders of the asset continued to suffer. Data from IntoTheBlock revealed that a whopping 81% of SHIB holders were enduring a loss. A dainty 16.36% were pocketing profits at the asset’s current price.

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Cetoex News – A few hours back, four large Shiba Inu transactions involving 5 trillion tokens each took place. According to Whale Alert, the token transfers took place between “unknown” wallets. By the end of it, the receiving address had a total of 20 trillion SHIB tokens.

All the tokens were held intact by the wallet at press time. Data from Etherscan revealed that the address is currently in possession of 2% of SHIB’s supply. Consequently, it became the fifth largest SHIB holder. At press time, the cumulative worth of all SHIB in the wallet stood at $175 million.

Along with SHIB, the wallet held ten other crypto assets. ETH was the next largest holding [$147 million]. That was followed by MATIC, LINK, COMP, AAVE, UNI, USDC, and PEPE.

The last five token holdings were almost negligible, for their worth merely revolved in the $3-$17 bracket. This means, apart from ETH and SHIB, the wallet had only two other sizeable investments, i.e. MATIC worth $45.3 million and LINK worth $15.9 million.

Shiba Inu holding time period

Shiba Inu’s price has been gliding down over the past few weeks. As highlighted in an article yesterday, it is currently being resisted by its downtrend line on the daily timeframe. Market participants, however, continue to cling to their tokens.

As shown below, the holding time of Shiba Inu has noted a swift spike of late. At the moment, the average period for which an investor holds the asset is 8 months. Earlier this week, however, this number was as low as 1 month, bringing to light the refining conviction of market participants.

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Cetoex News – Shiba Inu (SHIB) could experience a fall to the $0.000009 price level as it continues to struggle at its current support. Moreover, the meme coin has been hovering around this position for an extended amount of time, setting the stage for a potential fall.

The digital asset is facing a host of factors that could signal a downturn on the horizon. Specifically, a combination of its status amid its support level and market volatility that saw Bitcoin (BTC) lose 9% of its value could spell danger for SHIB. 

Shiba Inu Heading for Continued Downtrend?

The digital asset industry has experienced a lot of volatility in recent weeks. Additionally, that could set the stage for Shiba Inu (SHIB) to see a fall in its price to the $0.000009 level. Currently, the asset is down 1.28% over the last 24 hours and trading at $0.00001023, according to CoinMarketCap.

Several factors, including its continuous consolidation and inability to maintain support, could lead to concern for investors. Moreover, Shiba Inu has already faced a downward trajectory over the last several months. 

Alternatively, an overall market rally has occurred without the inclusion of SHIB. Specifically, as other meme coins have seen a surge, Shiba Inu hasn’t been able to join them, which could lead to a lessening of confidence from Shiba Inu investors.

The development seems negatively expounded by the lack of positive Shiab Inu-related news. Subsequently, as Shibarium and the ecosystem, have not been able to garner true headlines, they haven’t been able to positively impact the price. Alternatively, there is no certainty as to what could spark a reversal of its current trend and see the asset on the upswing once again. 

The Shiba Inu community has still been active despite the overall negative prognosis. Specifically, Shiba Inu Whales have still been purchasing the asset, as well as positive burn rate figures in recent days. Still, for the greater market interest, SHIB seems stuck in a negative predicament.

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Cetoex News – As the last seven days have seen almost 2 billion Shiba Inu sent to dead addresses, 1.4 billion SHIB were burned by one whale in a single transfer. Moreover, Shibburn noted that the single transaction made up most of the 1.8 billion that was burned throughout the last week.

Despite the burning from the mystery wallet, the vital burn rate has remained trending down. Conversely, the number of wallet addresses on Shibarium has reached an impressive milestone. Subsequently, showcasing the growth in utility for the Shiba Inu token

Almost 2 Billion SHIB Burned in Past 7 Days

When it comes to the Shiba Inu token, the burning of the meme coin is a massively important endeavor. Moreover, standing as a focal point of the SHIB Army, recent whale activity has pointed to a bright spot in the recently disappointing burn rate.

Specifically, U.Today reported that one Shiba Inu whale burned 1.4 billion SHIB in a single transfer. Additionally, in the past 24 hours alone, we have seen the burning of 16,009,293 SHIB tokens. Yet, the number has still seen the burn rate fall by more than 8% in the last 24 hours.

The last seven days have seen the burn rate drop by 40.76% when compared to a week prior. Still, it is important to note that nearly all of that was connected to the 1.4 billion burned by Wallet -3287ffdeaa.

Conversely, it was reported by Whale Alert that an anonymous wallet purchased 3,484,812,794,902 SHIB. The transaction cost the specific Shiba Inu whale $40,284,435 but was reported as a possible internal transaction. Currently, Shiba Inu is trading at $0.00001141, which is down 1.96% over the last 24 hours.

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Cetoex News – Shiba Inu [SHIB] emerged as one of the most popular meme coins for several reasons. Despite the asset’s current price slump, its 2021 price movements brought about immense profits for many. So much so that several decided to quit their jobs after pocketing gains through minimal investments. A story of a truck driver who made $1.7 million in 2021 through Shiba Inu has remained a favorite to many in the ecosystem.

In May 2021, a truck driver left his job after earning a fortune through the meme coin. With a $670 investment in 2020, the driver-turned-millionaire bought SHIB. From 2020 to 2021, he gained immense profits, left his employment, and went on to fulfill his financial goals.

While the driver chose to remain anonymous, the employer came forward to congratulate him. The driver did so due to security reasons. Nevertheless, the employer tweeted,

“One of my drivers quit because he made $1.7M in crypto on a $670 investment. Good guy, has kids. Doesn’t matter, that’ll still infuriate the bankers and lawyers slaving away for $500k a year.”

Back in May 2021, Shiba Inu was trading for a high of $0.00003468. The meme coin soon went on to reach an all-time high of $0.00008845 in Oct. 2021. However, this notion did not last.

Shiba Inu [SHIB] currently 87% below its ATH

At the time of writing, SHIB was trading for $0.00001127 with a 1% daily rise. The latest surge is attributed to the overall market sentiment which is bullish at the moment. Nevertheless, Shiba Inu’s price has been stagnant for quite some time. The meme coin is currently 87.25% below its all-time high.

While the asset undoubtedly did bring about immense profits to its holders, it isn’t the same anymore. According to Into The Block, about 62% of the meme coin holders were enduring a loss. Only a dainty 33% were pocketing profits at Shiba Inu’s current price.

Even though SHIB is currently in a price rut, previous success stories do restore hope in the market.

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Cetoex News – Shiba Inu has earned its place as a prominent meme coin. The meme coin has also entered the top 20 cryptocurrency list by market cap. The SHIB team has been quite consistent in terms of development. It is evident from the various initiatives from the meme coin team, including the Shiba Inu burn initiative.

The burn rate has earned quite a reputation for its inconsistent nature. The burn rate skyrockets on some days, whereas on other days it plummets. However, according to the latest data from Shibburn, the burn rate has skyrocketed by 30,981% in the last 24 hours. This period witnessed over 1.5 billion SHIB being sent to dead wallets.

With the soaring burn rate today, can the community brace itself for a 2 billion SHIB burn game next week?

Will Shiba Inu burn game destroy 2 billion SHIB next week?

Over the last 24 hours, one single transaction, which occurred nine hours ago at press time, sent 1.49 billion SHIB to dead wallets. The likelihood of such a large volume of SHIB burn events is not unlikely. Perhaps such a high volume of SHIB being sent to dead wallets has happened in the past.

Without the event of such whales sending large volumes of SHIB to dead wallets, an incident of over 2 billion burns happening in the next week is unlikely.

However, despite the rising burn game, the price of SHIB hasn’t been affected much in the last 24 hours. At press time, Shiba Inu is trading at $0.00001107 with no major fluctuations during this period.

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Cetoex News – In the world of cryptocurrencies, there’s magic in numbers, and numbers are magical when it comes to investments. A blind investment of $1,000 could make you a millionaire and might also crash to $0 the next day. The markets work as a hacksaw blade that can cut sharp both ways. The only way to navigate the blade is to be mindful and remove your hands when the job is done. One such story is that of Shiba Inu investors who entered early and removed their investments at the right time.

Timing plays an important part in the markets, as getting in early and selling at the right moment can potentially make you millions. Early Shiba Inu investors who held on to their tokens became millionaires, while the latecomers are holding their bags. Investors who poured $1,000 into SHIB in 2020 saw their portfolio balloon, while investors who entered late suffer losses.

Shiba Inu: $1,000 in 2020 Becomes $22 Million in April 2023

Shiba Inu was trading at $0.000000000510 during its launch and added an extra zero by the end of 2020. For a $1,000 investment, users could accumulate 1.96 trillion SHIB tokens and become a self-proclaimed whale in the process.

However, the $1,000 investment would have turned to $55 million in October 2021 when SHIB spiked 1,000% the same month. SHIB is now down 87% from its ATH but that wouldn’t have stopped investors from being millionaires.

Shiba Inu is currently trading at $0.00001137 at press time. Holding the same 1.96 trillion tokens for this price today could potentially fetch you $22 million in April 2023. To be precise, a $1,000 investment in Shiba Inu in 2020 could have possibly turned into $22,294,117 on April 5, 2023.

That’s an upside return of millions of percent, making the Average Joe taste financial success in a short period. Nonetheless, if Shiba Inu reaches $0.01 someday, the present investors who continue to hold could possibly get to taste what it feels like to become a millionaire.

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Cetoex News – One of the most well-known meme coins on the market, the relatively low price of the digital asset means that becoming a Shiba Inu (SHIB) millionaire may only cost you $12. Specifically, $1 could actually get you well over 90,000 of the 15th-highest crypto by market cap.

It’s the second most popular meme coin that launched in competition with the original meme, Dogecoin (DOGE), in 2020. Now, the popularity of these digital assets has only grown alongside some of the most passionate communities that the cryptocurrency sector has to offer.

Who Wants to be a SHIB Millionaire?

Meme coins are an interesting aspect of crypto but have continued their accelerated growth in popularity. Starting with Dogecoin (DOGE), the industry has been known for its ardent communities of support, and the growing status among utility-based coins, or the immensely prominent, Bitcoin (BTC).

Interestingly, considering the current price of the meme coin, becoming a Shiba Inu (SHIB) millionaire may only cost you $12. Specifically, if $1 could get a user well over 90,000 digital tokens, the match suggests the small amount could, in fact, possibly make you a SHIB millionaire.

The token has come a long way since its arrival in 2020. Subsequently growing 1,069% to an all-time high price of &0.00007924 in October of 2021. Conversely, the tokens price has fallen 86% since that ATH, but it presented an interesting profit opportunity for early adopters of the token.

Currently, SHIB has shown a drop of 1.58% on the day. Moreover, that stretches to a 13.98% drop in the last week, and 13.32% in the past month. However, Shiba Inu has still seen gains of 35.74% since hte start of the year. Likely a byproduct of the overall optimistic market turn at the start of 2023.

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Cetoex News – The Shiba Inu Burn initiative has been one of the most significant developments in the meme coin realm. With over 549,063,278,876,302 SHIB in circulation, the overall goal is to restrict supply, create scarcity, and ultimately force a price increase.

Positively, February started out with respectable burn figures. Shiba Inu burn rate jumped by 10,000% this month as well. The burn rate, like its price, is nevertheless well known for its volatility. The burn rate also spiked by 2300% on Feb 27.

However, the burn rate was not that exceptional in March. The burn rate even touched zero on March 1, 2023. Nevertheless, the burn rate has gained momentum, as it has spiked by 240% in the last 24 hours.

Over 38.5 million SHIB were sent to dead wallets during this period. One notable transaction worth 22 million SHIB happened four hours ago at press time.

Shiba Inu price remains stable

According to CoinMarketCap data, Shiba Inu is trading at $0.00001121 at press time with no major volatility in the last 24 hours. However, the meme coin is down 9.8% in the last seven days and 26% in the last 14 days.

However, after the launch of Shibarium, the price is expected to spike considerably. Shibarium has also been one of the most-anticipated launches by the Shiba Inu team and was trending on Twitter today as well.

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