The price of the popular meme coin Shiba Inu (SHIB) has increased up to 20% since the end of last week for three reasons. Firstly, Shiba Inu initiated a burning of 2.41 billion SHIB, shrinking the total supply and making it more scarce. Secondly, a whale purchased an astonishing amount of 775 billion SHIB, worth more than $20 million at the time of the transaction. Finally, Robinhood trading app has just listed SHIB.
Read CRYPTONEWSLAND onThe burned 2.41 billion SHIB has been transferred to alleged inferno wallets, with the purpose to make the popular dog token more scarce and increase its price.
People can track the burning of SHIB tokens on the shibburn.com website. The Shibburn tracking website shows a series of portions of its SHIB burned, amounting to a total of 2.41 billion tokens.
According to the tweet of @WhaleStats, a whale that goes by the name “BlueWhale0073” bought a large sum of 775,473,150,952 SHIB, $20,697,378 at the time of the transaction.
According to the tweet, the ether (ETH) whale is ranked number 12 on WhaleStats. WhaleStats is a service that tracks the top 100 wallets on the Ethereum blockchain, they’re able to see what are the most valuable wallets (in USD), what these wallets hold, what these wallets are trading into, and so forth.
SHIB Support Added to Robinhood
Meanwhile, a well-known investment and trading app Robinhood is adding a couple of support which include SHIB, Solana (SOL), Polygon (MATIC), and Compound (COMP).
Based on the reports, SHIB has been finally added by Robinhood following a petition signed by more than 500k “SHIB Army” to request the trading app to add Shiba Inu to its platform. The recently added tokens to Robinhood have seen a rise in market prices after the company’s announcement.
Generally, the crypto market has been down these past few days. Market values of most tokens have pulled back to before Robinhood’s announcement. At the time of writing, SHIB’s market value is at $0.00002582, down 3.34% over the past 24 hours. Shiba Inu’s coin has been ranked 15 in the largest market cap based on CoinMarketCap.
Amidst an ever-changing market, skillful analysis is essential to pinpoint potential success stories. #ChatGPT #Crypto…
While the market remains unpredictable, three cryptocurrencies—Dogwifhat (WIF), Dogecoin (DOGE), and Retik Finance (RETIK)—have emerged…
Investors and enthusiasts seeking to diversify their portfolios and capitalize on emerging trends will find…
Discover five cryptocurrencies that hold the potential for impressive growth, and why these particular options…
Tesla's embrace of Dogecoin as a payment method fuels a 6% surge in its value…
By focusing on these selections, investors can navigate the burgeoning market and identify coins that…