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Whales grab 470B Shiba Inu tokens as active addresses keep declining

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  • Whales have continued to grab SHIB, adding over half a trillion tokens to their coffers, but the active addresses on the Shiba Inu network have been on a steady decline.
  • Elsewhere, Komodo has launched ShibaDEX, a decentralized exchange for the Shiba Inu community that allows for the trading of SHIB for other assets on other networks.

Shiba Inu has not had the best year and is currently trading at a loss compared to how it kicked off 2022. However, as recent activity shows, whales are still quite confident that the best is still ahead, although retail traders don’t seem to agree.

According to WhaleStats, one whale accumulated 421 billion SHIB tokens in two transactions, worth $11.3 million. The whale, whose wallet is dubbed “Gimli” after a ‘Lord of the Rings‘ character ranks 11th on the WhaleStats list of ETH investors. At press time, this wallet holds over $3.7 billion in tokens.

Another whale made a $1.3 million purchase in one transaction. Combined, the two wallets hold 1.3 trillion Shiba Inu tokens now.

As whales continue to accumulate, the Shiba Inu network has continued to burn millions of tokens every day. Shib Burn, a website that tracks how much SHIB is burned daily, shows that in the past day, over 400 million SHIB tokens were burned, which means permanently eliminating them from circulation. One burn yesterday took out 400.6 million SHIB tokens at once. On Monday, the biggest burn took out 290 million tokens.

So far, 410 trillion tokens have reportedly been burned from a maximum supply of 999.99 trillion SHIB tokens. The circulating supply currently stands at 550 trillion.

Shiba Inu active addresses on steady decline as DEX launches

While whales continue to accumulate, the retail investors are leaving the meme coin. According to data from CoinMarketCap, the number of unique addresses holding SHIB has been falling for the 13th consecutive day.

At press time, the number of unique addresses stands at 1,134,790. On March 16, this number was at 1,199,453, showing that this number has declined by 65,000+ addresses. This is after months of a steady uptrend for the world’s second-largest meme coin.

And it’s not just the unique addresses that have been on a decline. The number of on-chain transactions for Shiba has been declining as well, showing that the hike in interest in SHIB could be coming to a gradual end as its unbelievable price rise over the past year cooled down.

Data from bloxy.info showed that in January, the number of transactions dipped by 40 percent from December. In February, it then dipped by close to 10 percent. Over the course of the past four months, the transaction count on Shiba Inu dropped by over 67 percent.

Meanwhile, a new decentralized exchange for the Shiba Inu community has been launched. Known as ShibaDEX, it was developed by Komodo and runs on AtomicDEX, rather than running on any one network such as Ethereum or Solana.

Komodo CTO Kadan Stadelmann commented:

ShibaDEX is a bridge that links together all the Shiba Inu community tokens and top meme coins. It’s also a bridge that links Shiba Inu to blockchain communities outside of the Shiba Inu sphere and into the wider crypto metaverse.

Related: A short guide on how to buy land in the Shiba Inu metaverse

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