Shiba Inu is preparing to launch its stablecoin, SHI, aiming to boost the project’s ecosystem. The SHI stablecoin is under […]

Shiba Inu (SHIB) has lost over 86% of its value since its peak in October 2021. SHIB’s rank has dropped […]

Holding Shiba Inu (SHIB) has been compared to a period of ongoing challenges, with the hope for significant gains in […]

On-chain data shows Shiba Inu (SHIB) has its supply more concentrated on the largest holders than other assets like Ethereum (ETH) and Pepe (PEPE). Shiba Inu Has 62% Of Its Supply Controlled By Top 10 Whales In a new post on X, the on-chain analytics firm Santiment has shared how some top coins currently compare against each other in terms of the percentage of supply held by the ten largest wallets on the respective networks. Below is a chart showing the trend in this metric for eight cryptocurrencies: Shiba Inu, Ethereum, Pepe, USDT, USDC, DAI, Chainlink (LINK), and Uniswap (UNI). As is visible in the graph, the stablecoin USDC has the lowest amount of supply concentrated on the top 10 addresses among these assets at around 27%. Chainlink and DAI come close with the metric sitting at 32% and 33%, respectively. Others like Uniswap and Ethereum, however, have a more significant part of their supply under the control of these humongous entities: 51% and 49%, respectively. One asset that particularly stands out is Shiba Inu, with a massive 62% of its supply belonging to the ten largest whales on the network. For comparison, the other memecoin on the list, Pepe, has the same metric at 39%. Generally, the centralization of supply on just a few hands isn’t a constructive sign for any cryptocurrency’s stability, as tokens signify power on the network. It’s especially relevant in the case of a proof-of-stake (PoS) asset like Ethereum. As Santiment explains, As a retail trader, it’s generally safer to hold coins with less supply held by the most elite whales. There is less risk of sudden dumps or price manipulation should an asset’s largest whales decide to exit their positions. Given this, the assets like Ethereum, Uniswap, and Shiba Inu that currently have a majority of their supply or close to it in the hands of the top 10 whales may not be in the best position right now. In some other news, the cryptocurrency market sentiment is on the verge of extreme greed, according to the Fear & Greed Index. The Fear & Greed Index is an indicator created by Alternative that inputs a few different factors to determine the investor mentality as a score lying between zero and hundred. As displayed above, the cryptocurrency Fear & Greed has a value of 73 at the moment. This corresponds to the presence of a strong sentiment of greed present among the traders. Historically, markets have often moved in the direction that goes contrary to the expectations of the crowd. The probability of a contrary move is especially strong in the extreme ends of the index. For now, the market is still outside of the extreme greed zone, but only by a couple of units. SHIB Price At the time of writing, Shiba Inu is trading around $0.0000115, up over 3% in the last seven days.

• Moo Deng gained over 30% after Upbit listing, with its market cap surpassing $200M.
• BONK displayed bullish momentum as key signals signal renewed demand.
• Shiba Inu’s burn rate sees a dramatic jump after dipping.

Cryptocurrencies witnessed quite a volatility today as US labor stats propelled Bitcoin above $110K before retracing to $109K. While altcoins signaled potential recoveries, meme coins remained in the spotlight, possibly as they set the market tone during every cycle. In that context, MOODENG, BONK, and Shiba Inu dominate meme crypto trends due to different reasons. Let us find out more. MOODENG soars on Upbit listing Moo Deng led today’s gainers as it rallied 35% from $0.1691 to $0.2282. The robust move followed South Korea’s exchange Upbit confirming it has listed MOODENG against USDT, BTC, and KRW. The announcement ignited optimism among traders. Moo Deng’s price gained around 35%, while its market cap surged beyond $200 million from $165 million. While the market cap has dipped slightly to $188 at press time, Upbit’s listing positions the altcoin for greater liquidity and wider visibility. MOODENG trades at $0.1901, with its 24-hour trading volume up 428%. Moreover, the listing’s timing has added to MOODENG’s momentum. Binance Alpha added the meme crypto in May, whereas the community wait Moo Deng’s upcoming birthday party between July 10 and July 13. MOODENG is a Solana meme token based on the popular pygmy hippo at Khao Kheow Open Zoo in Thailand. BONK rebounds on revived demand BONK has jumped from the opening price of $0.00001464 to $0.00001738 – an 18.72% jump. Besides the price action, the Solana-based meme grabbed attention as organic demand drove its surge. Coinalyze data shows BONK recorded a substantial $1.61 trillion buy volume on 3 July, eclipsing the $1.44 trillion sell volume. That confirms buyer resurgence and renewed demand for the altcoin. Notably, the positive buy volume came after selling pressure dominated four successive days, suggesting a potential momentum shift to bullish. The derivatives market data adds to the optimism. According to Coinglass, BONK’s OI (Open Interest) jumped by 46% to $17.38 million, whereas futures volume crossed $97 million after a 270% increase. It trades at $0.00001681 after retracing from intraday peaks. Continued broad-based recoveries could trigger more uptrends for BONK in the upcoming sessions. Shiba Inu’s burn rate skyrockets While MOODENG and BONK stole the show through exchange listings and new capital, dog-themed Shiba Inu made headlines for different reasons. SHIB has seen a massive 1,200% surge in burn activity, with over 13 million tokens destroyed in the past day. Notably, SHIB saw sluggish token incineration in the previous five transactions . The latest burn, which happened ah hour ago, wiped out around 13,152,197 SHIB coins. That has renewed optimism in the meme coin’s deflationary journey. The meme token trades at $0.00001192, having gained more than 5% the previous week. Also, fundamental data shows a healthy SHIB ecosystem. IntoTheBlock data shows investors have staked over 4.69 trillion coins, indicating conviction in Shiba Inu’s long-term performance. The post Meme coin news: MOODENG and BONK lead market comeback; SHIB burn rate jumps 1,200% appeared first on CoinJournal.

Shiba Inu launched on August 1, 2020, with half its total supply sent to Vitalik Buterin. Buterin donated 50 trillion […]

Large investors acquired 10.4 trillion Shiba Inu (SHIB) tokens worth about $110 million following a major price drop. SHIB price […]