The Shiba Inu [SHIB] started 2022 on a high note and extended its hot streak from 2021 into this year. SHIB, which was inspired by the first meme currency, Dogecoin [DOGE], has spread to many corners of the world. The altcoin became the talk of the crypto town. Almost everyone in the market wanted in on the SHIB fun. The whales in the market took a special interest in the altcoin as a possible rise in its price was speculated.
Just yesterday an ETH whale made massive movmnets of Shiba Inu. The Ethereum wallet address 0x079495cf40e8dd9b1bdd78046950364ec3c9557c sent a whopping 442,637,867,858 SHIB worth $11,969,061 to the wallet 0x15abb66ba754f05cbc0165a64a11cded1543de48. The wallet that received the SHIB token decided to further send the same amount of SHIB on to the Ethereum wallet 0x203520f4ec42ea39b03f62b20e20cf17db5fdfa7.
WhaleStats reported this movement on Twitter. Furthermore, the platform pointed out that the final wallet that landed close to 500 billion Shiba Inu was the ETH whale Gimli. This whale reportedly took over as the fifth-largest ETH whale.
Despite purchasing Shiba Inu tokens of this multitude, the Metaverse token held the biggest token position by dollar value on the ETH whale’s portfolio.
During the time of writing, SHIB was trading for a low of $0.0000256 with a 4.44 percent drop in its price over the previous 24-hours.
Are burns really helping the value of Shiba Inu?
For a long time, the Shiba Inu community has been carrying out burns. Bigger Entertainment has hosted several SHIB burn parties in recent months. The community believes that burns affect asset prices. But Bigger Entertainment CEO Steven Cooper has stated that this is not the case.
He further tweeted,
“Before we announce the next burn party I want to make this clear… This is not to pump, this is to reduce supply. #Shib price may not change at all. Our focus as a community is reducing 10% of supply together & hoping Dev team follows suit by focusing on 20% or more. #shibarmy”
The Shiba Inu development team, on the other hand, is said to be working on its burn portal. Additionally, developers confirmed that the burns were carried out to improve the utility of the altcoin rather than its price.