According to Glassnode data, there has been an increase in the number of addresses on the Shiba Inu network recently. This increase is the highest in the network’s history.
There have been an additional 3 million addresses to the network as it continues to grow. However, this increment hasn’t affected the token’s price.
The data revealed that there had been a 35% increase in Shiba Inu addresses since the first quarter of this year. The steady rise in the SHIB wallet addresses proves the continued interest in the network despite the ongoing crypto winter.
Increase In Shiba Inu Burn Rate
Historically, SHIB’s burn rate has always been bullish on SHIB’s price. The burn rate has increased by over 107% in one day, according to Shibburn data. The Shibburn platform is the first dedicated burn project in the crypto world.
Shibburn also mentioned that over 14 million SHIB tokens were burned across seven transactions in the last 24 hours. In addition, the concentration of large-volume SHIB holders (Whales) currently stands at 80%, according to the on-chain data analytics platform, IntoTheBlock.
Whales are classified as those addressees holding more than 1% of the total supply in circulation. The data also revealed that there had been over $152 million worth of SHIB transactions that exceeded $100K
Whales Dump More SHIB Tokens
According to WhaleStats data, SHIB whales largely consist of Ethereum whales that have sold nearly $1 million worth of the meme token (or reduced their SHIB holdings by about 2.4%) in the last 24 hours.
At the time of writing, these whales hold a combined $51.5 million SHIB tokens, which differs from the $52.8 million SHIB tokens they held as of December 14. According to current Coingecko data, SHIB’s price has dropped by 3.2% in the last 24 hours and 6.4% in the last 14 days.
Also, it is down nearly 75% in its year-on-year value. The main Dogecoin rival currently trades at $0.0000862, according to the same data.
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