Shiba Inu Whale Accumulates 50,000,000, 000 Shiba As Market Rallies Upward

A Shiba Inu whale has accumulated no less than 50,000,000,000 Shiba tokens as the crypto market rallies upward.

The whale who had been on an accumulation spree since the beginning of the year now holds a staggering 13,738,398,731,474 SHIB tokens. 

According to the crypto whale aggregator WhaleStats, Shiba Inu is now the third-largest altcoin holding among Ethereum whales, behind USD Coin (USDC) and Tether (USDT).

Shiba Inu has soared in 2023, driven in part by plans to launch Shibarium, which is a layer-2 network designed to make SHIB transactions more efficient and allow users to create custom tokens, similar to Polygon (MATIC)

At the time of writing this report, Shiba Inu is trading at 0.00001308 from a low of 0.00001198. Data from. Binance platform reveals. The meme token which is also known as Dodge Killer is up by 44.32% in the past 90 days and up by 10% in the last one week. 

Investors King understands that the much anticipated Shiba Inu layer 2 protocol otherwise known as Shibarium will add more utility to the Shiba Inu ecosystem. 

In addition, the token also crossed more than 1.3 million unique addresses on its network in the last week. A development that signifies continued accumulation and adoption among retail investors. 

No doubt, investors have shown a significant amount of interest in the SHIB token as a result of the impending launch of the beta version of Shibarium. 

Another interesting thing about Shiba Inu is the token-burning mechanisms. According to the recent report by the Shibburn data tracker, more than 27 million Shiba has been burnt in the past 24 hours.

The so-called burning process helps to decrease the circulating amount of tokens, thus making the remaining ones more scarce. This may impact the price of the token positively, making it go up if the majority of tokens were burned.