YEREVAN (CoinChapter.com) — Popular meme cryptocurrency and Dogecoin (DOGE) knock-off Shiba Inu (SHIB) is making a comeback. In what comes as a positive development for the fans of the dog-themed token, Ethereum Whales are again taking a keen interest in SHIB.
According to the wallet tracking website WhaleStats, Shiba Inu (SHIB) is among the “Top Purchased Cryptocurrencies” among the 500 biggest ETH Whales. They collectively hold around $140 million worth of SHIB tokens.
The development comes amid a constantly-increasing “Burn rate” of SHIB. Burning a token implies the process of removing coins from the overall supply by sending them to a wallet with no known private keys.
Since SHIB gained popularity, people have on investors and developers to burn as many SHIB tokens as possible. This will help reduce the total supply, which in turn will help the price rise.
According to the Shiba Inu tracker SHIBBURN, users have burnt over 150 million tokens in the last two days. This brings the total number of tokens burnt from the initial supply to over 410 trillion, about 40% of the total.
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Shiba Inu (SHIB) price jumps 20%
Fueled by the increased burn activity, the price of the SHIB token saw a stark surge in recent days. According to data available on CoinMarketCap, the token jumped from $0.00001022 to $0.00001229 between September 22-24.
This marked an over 20% jump in two days. However, the rally resulted in many traders dumping their tokens for a quick profit, pushing the token’s price down.
At the time of writing, SHIB trades for $0.0000113 per token. Despite the positive developments, the meme token remains nearly 90% lower than its all-time high (ATH) of $0.00008845 on Oct 28, 2021.
Meanwhile, there have been other positive developments for the canine-themed crypto. For example, the soon-to-be-released Shiba Inu game is already gaining in popularity.
According to reports, “Shiba Eternity,” the collectible card game, has received a 4.9 out of 5-Star rating on the iOS App Store. The game is still undergoing a Beta Testing Phase in three countries and is set to be released worldwide on Oct 1, 2022.
While the larger cryptocurrency market continues to struggle, meme tokens are trying to make a comeback. Time will show if Shiba Inu can pull off an impressive rally when the game is released to the public.
Till then, click here to find out the most popular crypto exchanges people in India use to buy Shiba Inu.
