The crypto-verse is now home to a plenitude count of meme coins. Of which canine-based coins have been fleet-footed on the charts. And have been amassing the interests of the masses in the crypto community. The mania of meme coins, which was initiated by DogeCoin is now led by Shiba Inu. Furthermore, the space is witnessing newer meme coins mushrooming in abundance.
The trend which was kick-started for fun is now sprawling into the diversity of the space. Such that the digital assets are now challenging mainstream cryptos. The Doge-killer Shiba Inu has revolutionized the meme coin sector, with the “n” number of adoptions and developmental initiatives. Organizations have been conducting burn events, whilst whales have been accumulating bigger portions of the meme coin.
Is Burn The Solution For Shiba Inu’s Ails?
The meme coin is welcoming a host of burn initiatives, as an addition to Shiba Inu’s burn events. Multiple companies have come forward in order to burn specific portions of the profits made. The list of organizations includes Shiba coffee company, Bigger Entertainment, The Vibe Maquillage, Marklien, Shiba search, amongst others.
Bigger Entertainment has been a major supporter of the Shib burn. The firm has begun burning $100,000 in SHIB, whilst building the firm’s first blockchain music game. Moreover, the artists in association with the firm have agreed to donate about 20% of their royalties to burn SHIB.
Steven Cooper has cited that in order to make the most out of SHIB music NFT sale, the company has migrated to the Polygon network. Owing to high gas fees on Ethereum, which would hamper the burn rate. The firm has alone burnt about 4.9 million SHIB for the day, the total count of burns since the start of the initiative tallies to the score of 894,383,100.
Are Ethereum Whales Fond Of SHIB?
SHIB accounts for about a staggering 14.67% of the total holdings held by Ethereum whales. The deep-pocketed investors have been gulping huge sums of SHIB tokens on a periodic basis. An Ethereum Whale by the name of Gimli has added 110 Billion SHIB tokens worth about $3.624 Million. The wallet now holds about $47.8 Million worth of SHIB.
Shiba Inu has come a long way since its inception as an alternative to DogeCoin. The dog-based coin has been flourishing at the utility front at an astounding rate. Whilst the makers are leaving no stones unturned with developments to the protocol. Which could help SHIB dethrone its name from the meme coin tag.
Summing up, Shiba Inu has been making astounding moves in terms of utility and developments. With the developmental initiatives such as Doggy Dao, Shibarium going live, we can expect Shiba Inu to eradicate more zeroes from the price tag. In the interim, the much-awaited listing on Robinhood would help the price propel towards the previous ATH.