Who is the biggest holder of SHIB?

Key points:

• Binance is now the largest holder of SHIB.
• The exchange currently holds 83 trillion SHIB tokens. The estimated value of these tokens is around $738.54 million.
• Binance became the largest SHIB holder after the exchange bought bankrupt cryptocurrency firm Voyager Digital.
• Many believe that the Shibarium (Layer 2 for SHIB) will be released in the first quarter of 2023.
• However, Shiba Inu's burn rate increased earlier today. The burn rate increased by 1395.89%.

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Binance, the largest cryptocurrency exchange in the world, is now the largest holder of Shiba Inu (SHIB). According to data on Etherscan.io, the cryptocurrency exchange currently holds 83 trillion SHIB tokens. The estimated value of these tokens is around $738.54 million.

SHIB top holders. Source - etherscan.io

Binance became the largest SHIB holder after the exchange bought bankrupt cryptocurrency firm Voyager Digital with the highest bid of $1 billion. Voyager Digital has assets of approximately $579 million. Ethereum (ETH) and USD Coin (USDC) make up the majority of Voyager's assets. However, the company has a whopping $81.7 million worth of Shiba Inu (SHIB) in its purse, making it the third-largest holding by dollar value.

While Etherscan.io pegs Binance’s SHIB holdings at 83 trillion, CoinMarketCap reports more than 87 trillion, worth roughly $765.33 million.

Will Shiba Inu be a hit in 2022?

Shiba Inu's popularity is rarely surpassed. The project has a devoted following that is commonly referred to as the SHIB Army. However, the value of the token has declined significantly over the past year. However, SHIB has a large number of releases that could propel the cryptocurrency to new heights.

The highly anticipated Shibarium layer 2 is nearing completion. Many believe that the new network will be released in the first quarter of 2023. Other than the new layer 2, Shiba Inu is also developing two additional tokens for its ecosystem. The first is a cryptocurrency called Shi, and the other is a token called TREAT. However, we do not have a specific launch date for the two new cryptocurrencies.

However, Shiba Inu's burn rate increased earlier today. The burn rate increased by 1395.89%.

SHIB burn rate. Source - shibburn.com

The price of SHIB also increased on Monday. The current increase is likely a result of the positive monetary outlook provided by the Federal Reserve. Bitcoin (BTC) was the most popular cryptocurrency as of late, the markets are currently correlated. However, this could be a trap, and the gains may not be sufficient. The larger economic picture is still bleak, and risky investments are unlikely to receive funding at this time.

As of press time, SHIB was valued at $0.00000878, an increase of 4.2% in the past 24 hours.