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July 19, 2024
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Shiba Inu Makes It To The Bitmex Platform, Burn Rate Sees A 395% Rise

The post Shiba Inu Makes It To The Bitmex Platform, Burn Rate Sees A 395% Rise appeared first on Coinpedia Fintech News

The popular cryptocurrency exchange, BitMex, recently announced the listing of six new cryptocurrencies on its platform. Interestingly, the Shiba Inu token, SHIB, will also be available for trading on BitMex, along with other assets.

It is also significant to note that the total amount of Shiba Inu burned during the last week has plunged substantially. It was low on a daily basis during that period as well.

However, according to the Shibburn tracker, the burn rate has shown a significant rise today. In the meantime, over the weekend, whales purchased a huge chunk of SHIB.

44 Million SHIB Burned, Burn Rate Rises by 395%

Shibburn platform, which takes up the work of tracing the SHIB burn transactions and removing meme tokens from dead-end wallets, shared via its Twitter handle that the amount of burned coins has dropped massively over the past week than before.

According to the calculations by Shibburn, a total of 108,611,459 meme coins were sent to unspendable wallets because of the joint efforts of the SHIB army. In the past 24 hours, another 44 million SHIB were removed from circulation, which takes the total to 155 million till now. On reports of October 2, the SHIB community had managed to burn approximately half a billion meme coins during the previous week.

Anonymous Wallet Owner Pays $1.1 Million for SHIB Tokens

On Saturday, a whale bought a whopping 100,000,000,000 Shiba Inu tokens on the KuCoin exchange, in return for $1.1 million at the exchange rate on the day of the buy.

As of today, the overall amount held by the 100 largest whales on Ethereum is a “stable amount” of 12,404,455,214,963 SHIB, i.e. it is the amount that they had not added to or subtracted from over the past couple of weeks. This overall amount of SHIB is valued at $134,295,514 and comprises 4.98% of their portfolios.

SHIB Makes A Debut On BitMex!

With Shiba Inu’s recent listing on one of the most well-known crypto exchanges, users will be able to convert, deposit, and withdraw SHIB to their exchange accounts. BitMex was one of the few significant crypto exchanges that had not yet introduced a Dogecoin competitor.

BitMex got some bad PR earlier for its earlier management comprising crypto celebrity Arthur Hayes, who was convicted of failing anti-money laundering measures within the exchange.

The most recent event within the exchange includes the launch of derivatives on the foreign exchange market. In July, the exchange also cut down its staff by 75 people.

Shiba Eternity Is A Direct Test Of Shibarium

Another recent development around Shiba Inu includes the disclosure of Shibarium and the game Shiba Eternity by the main developer of the project, Shytoshi Kusama.

He responded to the questions pouring in on Discord about when the long-awaited Layer 2 solution will be released by saying that the game should be a direct test of Shibarium.

He also added that testing Shibarium as a blockchain via the game Shiba Eternity is a logical step. Notably, the game has gotten a great start and managed to inculcate significant hype around it in the United States, India, Turkey, and Iran.

At the time of writing, the second most popular canine token was trading at $0.00001088, as per figures provided by the CoinMarketCap platform.

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