Shiba Inu Whale Acquires 1.44 Trillion Tokens Amid Price Decline and Burning Activity

Amidst a significant price dip and a surge in token burning activity, a Shiba Inu whale has amassed over 1.44 trillion tokens of the meme-inspired cryptocurrency ($SHIB) within a mere two days. The funds were withdrawn from the prominent cryptocurrency trading platforms Binance and Gate.io, totaling $13.36 million worth of SHIB and $1.2 million of the $BIGTIME token, as reported by on-chain analysis service Lookonchain.

Whale Activity during Price Slump

The accumulation occurred at a time when the value of SHIB experienced a notable decline, losing approximately 10% of its value in the past week. Over the last 12 months, SHIB has shown a modest 7% increase, contrasting sharply with Bitcoin's remarkable 170% surge during the same period.

Token Burning Surge and Strategic Partnership

Simultaneously, the burn rate of SHIB has seen substantial growth, often reaching triple-digit increases. This uptrend aligns with Shiba Inu's recent collaboration with domain firm D3 Global, enabling users to acquire .shib domains. The partnership positions Shiba Inu as one of the pioneering decentralized projects collaborating with D3 to pursue a top-level domain through the Internet Corporation for Assigned Names and Numbers (ICANN).

Token Burning Strategy and Potential Price Impact

In a recent initiative, SHIB executed a massive token burn, eliminating 8.6 billion SHIB tokens – a staggering 160,598% surge compared to the previous day's burn rate. The community achieves token burns by sending them to addresses under no one's control, referred to as "dead addresses," effectively reducing the circulating supply and potentially influencing price dynamics in response to increased demand.

Analyst Speculations and Delisting from Uphold Canada

Despite recent challenges, some analysts remain optimistic about SHIB's future price potential, correlating it with growing adoption. The Shiba Inu project team actively pursues partnerships to enhance SHIB's utility.

Notably, Shiba Inu, along with other cryptocurrencies such as Dogecoin (DOGE), Cardano (ADA), faced delisting from Uphold Canada in a recent move.

A Shiba Inu whale strategically accumulates a substantial number of tokens amid price volatility and increased burning activity. The project's partnership with D3 Global and proactive token burn initiatives contribute to ongoing developments, while analysts speculate on potential future price growth. Delisting from Uphold Canada adds to the evolving landscape of challenges for Shiba Inu and similar cryptocurrencies.