Here’s why cryptocurrency Shiba Inu is the first pick among wealthiest Ethereum whales

Cryptocurrency Shiba Inu is the most held token among the wealthiest Ethereum whales. ‘Whales’ in crypto slang describe individuals or institutions that hold large amounts of coins of a certain cryptocurrency. According to Whale Stats, a crypto whale tracker, Ethereum whales have emerged as one of the largest holders of Shiba Inu, holding up to $1 billion SHIB.

However, Ethereum whales are now burning some of their Shiba Inu holdings over the past few days. The 100 largest Ethereum whales now hold $982,324,880 after shedding $17.6 million in SHIB tokens. Burning in crypto means permanently removing tokens from circulation by sending them to a dead address or a crypto wallet which they cannot be retrieved from.

It is beneficial to investors because a scarce crypto asset is preferred over one with an unlimited supply or high inflation rates. However, fixed or reduced supply does not always imply increased value, so the outcome of the burning portal remains to be seen. The total SHIB that has been burnt from the initial supply stands at 410,339,763,887,291 and the total supply of SHIB is 889,660,236,112,708. The burn rate is currently down by 31.71 per cent.

Shiba Inu gained massive popularity after surging in prices after being listed on popular stock and crypto trading app Robinhood. The online broker company also announced that customers can now buy and sell four additional cryptocurrencies through its app and website— namely Compound (COMP), Polygon (MATIC), Solana (SOL) and Shiba Inu (SHIB).

Another reason Shiba Inu has garnered interest among whales is after the meme coin launched its metaverse, with 100,595 plots of virtual lands. In the case of the Shiba Inu metaverse, some virtual lands will remain open to all in the metaverse. These lands will represent roads (corridors): Avenues, Boulevards, and Hubs, however, other lands will be available for purchase.

Shiba Inu was launched as an alternative to Dogecoin (DOGE) in August 2020 by an anonymous person or group under the name Ryoshi. According to its founders, it was created as an experiment in decentralised spontaneous community building.

Meanwhile, SHIB was the most viewed crypto in 2021, beating the likes of Bitcoin and even Ethereum, as announced by cryptocurrency price-tracking website CoinMarketCap. According to CoinMarketCap, the Dogecoin spinoff recorded more than 188 million views during the last 12 months, while apex cryptocurrency Bitcoin came in second with 145 million views in 2021. It should be noted that SHIB is currently the 16th largest cryptocurrency in the world, with a market cap of over $13 billion.

Read More: Here’s why cryptocurrency Shiba Inu is the first pick among wealthiest Ethereum whales

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