This is a dramatic holiday season for Shiba Inu token. In December alone, the SHIB burn rate has risen more than 2000%, after a November fall off. A whale moved 23-Trillion tokens. And Crypto.com was found to be holding more Shiba Inu than Ethereum. Still after so much positive, the price is down.
The FTX collapse has absolutely shattered the decentralized digital currency world. And it happened during a global recession. Shiba Inu is not the only commodity down in price.
A bottom must come but what will government regulation do to meme tokens is on everyone’s mind.
Whale Transfers 32-Trillion
One crypto-whale isn’t fearing this however it appears. While ETH whales aren’t the biggest holders of SHIB anymore, this particular ‘beast’ of the ocean of digital assets, is not budging. The Shiba Inu Whale moved 32-trillion tokens to a new wallet, but did not swap them.
The massive amount of Shiba Inu coins was approximately US$26.3-Million at the time of it’s trade, Friday.
Massive SHIB Burn
At the same time, a massive burn off of the “DogeCoin killer” began after the whale’s leap. By Saturday, the ShibBurn app reported an uptick of over 1000% in ‘burning’ activity. And by Sunday, the melting of coins was up over 2000%.
This was a huge change from pre-whale activity as the token burning had fell by 82% on Friday.
And there seems to be no slowing down of the latest massive burn off trend. By 1:30PM (EST) on December 12th, there has already 22.8-million tokens sent to the inactive wallets where SHIB tokens are locked forever. This is another 105% up from the prior 24 hours, which were already massive numbers — 18.4 million.
Price Paired With Recession
Still, the price of Shiba Inu has slid, paralleling the cryptocurrency and stock market during the recession of 2022. Today’s price of the token is US$0.00000884 .
This is down 6.69% from 1 week ago, December 5th. The price of SHIB was $0.00000929 at its worst on that day.
This could be a time where miillionaires are made again from SHIB or Ryoshi’s oken is headed to reaching levels it will struggle to recover from. Highly unlikely the DogeCoin killer bites the dust however as Shibarium, layer-2 is on the way.
