Prior to the Shibarium launch, SHIB development activity and burn rate are increasing as Ethereum whales buy Shiba Inu coins.
Whales are after SHIB and these altcoins
Investors who have a large amount of tokens in their account in the crypto money market are called whales. Since the blockchain technology is transparent, all transactions made by whales can be tracked. The on-chain data analysis company WhaleStats has announced the 5 most purchased tokens by whales in the Ethereum ecosystem in the new year. These tokens are:
- Polygon (MATIC)
- Shiba Inu (SHIB)
- Curve (CRV)
- REN
- Chiliz (CHZ)
Polygon (MATIC) has recently been recorded as the altcoin that whales have traded the most. The popular project has also made significant progress in recent weeks. Meta announced a collaboration with Polygon in the last quarter of 2022. Accordingly, Meta’s application, Instagram, will work with Polygon in the NFT field. MATIC has a market capitalization of over $7 billion. MATIC, which went up to $2.92 for a period, is currently trading at $0.78. SHIB has large communities, especially in countries such as the USA and Turkey. SHIB is also among the altcoins most owned by Ethereum whales.
Altcoin preferences
Ren is one of the most popular projects recently. The project offers Wrap service for cross-chain coin transfer. The project developers have managed to connect to 11 different blockchain networks so far. In addition, the whales opened transactions for the DeFi platform Curve (CRV) and the Fan Token service Chiliz (CHZ).
In addition to these, the other altcoin project is Chainlink (LINK). However, Chainlink developers have prepared a new staking program. After that, the whales started not to use this altcoin as much as before in their trading transactions. Whales have not made a clear choice between Tether (USDT) and USD Coin (USDC). Both fixed currencies are kept in the accounts in equal amounts. However, USDC is preferred for transactions.
Shiba Inu burn rate rises before Shibarium
Shiba Inu burn tracker Shibburn reported a massive increase in the burn rate of Shiba Inu tokens in a tweet posted today. A total of 182,339,090 SHIB tokens have been burned in the last 24 hours. 11 transactions to remove Shiba Inu tokens from the circulating supply contributed to the massive increase in SHIB burning. According to the Shibburn website, the write rate and transaction count have been increasing drastically over the past few days. On January 2, 159,411,895 SHIB tokens were burned in 13 transactions.
On New Year’s Eve, an address sent 297,290,339 SHIB tokens to the burn address, causing the burn rate to increase by 13,198%. The whales are coming back ahead of the expected Shibarium launch in early 2023. The mysterious address sent 73,996,550 SHIB tokens to the address that burned down in the last 24 hours. WhaleStats data shows the Shiba Inu token as the most purchased token by Ethereum whales. In addition, Shiba Inu has once again been the most used smart contract among the top Ethereum whales in the last 24 hours. This is why development activity and whale activity for the Shiba Inu has been increasing in recent days. cryptocoin.comAs we mentioned, SHIB is still 90% behind its all-time high.
