Whales Acquire Trillions of Shiba Inu as Price Keeps Declining

Shiba Inu Recent Uptick May Renew Investor's Interest; Here's Why

Large whales are buying trillions of Shiba Inu (SHIB), according to the most recent data from IntoTheBlock. The data shows these participants bought 26.2 trillion SHIB over the previous seven days. Addresses that accounted for at least 0.1% of SHIB’s daily trading volume are considered while compiling the data.

Shiba Inu has become one of the most popular meme coins available. The SHIB team has been working tirelessly on several projects for the community to compete head-to-head with Dogecoin. However, the price of Shiba Inu has significantly dropped recently.

Related Reading: Shiba Inu Network Sees 43% Surge in Large Transactions Ahead of “Major” Listing

SHIB Price Drops Affect Burn Rate

Shiba Inu’s price has dropped continuously over the past few weeks. The price of SHIB fell sharply from a monthly high of $0.00001072 to a low of $0.000008526 before rising again to the present value.

Despite the meme coin craze, SHIB’s price has decreased by around 18.5% in the last 30 days. The past week has seen SHIB decline by 3.12% as well. Shiba Inu currently trades for $86,080,076, according to CoinMarketCap data.

Shiba Inu is down 3.12% in the last 7 days. Source: CoinMarketcap

The shib burn rate has changed since it was 0.00% yesterday due to the price decline. But during the past 24 hours, the burn rate has sharply risen to 8267.82%. 410,642,087,431,967 have been burned in total from the initial supply.

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