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- Elon Musk, a key figure in the tech industry and cryptocurrency market, has clarified his digital asset portfolio with three major cryptocurrencies in his portfolio.
- The Shibburn tracker reports a staggering 15,596% rise in the SHIB burn rate that could fuel further price rally for Shiba Inu.
Elon Musk, a prominent figure in the tech industry and one of the wealthiest individuals globally has maintained a strong interest in the cryptocurrency market. Known for his vocal support for Dogecoin (DOGE), which features the Shiba Inu dog as its mascot, Musk has often been associated with various crypto-related discussions.
Despite his close association with Dogecoin and the Shiba Inu dog, Musk clarified that his cryptocurrency holdings are limited to just three assets: Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). These cryptocurrencies form the core of Musk’s digital asset portfolio, with the tech billionaire expressing a long-term investment strategy for them.
Responding to queries from a Shiba Inu (SHIB) enthusiast regarding his holdings of SHIB tokens, Musk confirmed that he does not possess any SHIB tokens. This confirmation provides further clarity on Musk’s cryptocurrency portfolio, which consists solely of Bitcoin, Ethereum, and Dogecoin, reaffirming his position within the digital asset space.
Shiba Inu (SHIB) Burn Rate Skyrockets 15,000%
After an impressive week for Shiba Inu, with a nearly 70% surge in price over seven days, attention has turned to the significant increase in the meme coin’s burn rate. Shibburn tracker also reported a remarkable 15,596% surge in SHIB burn rate in the past 24 hours, sparking optimism among crypto enthusiasts, as reported by Crypto News Flash.
The Shiba community burned a staggering 13.61 billion coins on March 9, contributing to a total of 410.72 trillion coins burnt from SHIB’s initial supply, signaling positive sentiment towards SHIB tokenomics.
Amid the staggering Shiba Inu (SHIB) price rally last week, the second-largest meme coin has grabbed a spot in the list of top ten cryptocurrencies with a market cap of $20.3 billion while closing the gap with its rival Dogecoin (DOGE). As of press time, The Shiba Inu price is trading at $0.00003453 with a market cap of $20.35 billion. As per Crypto News Flash report, a developer believes that the Shiba Inu (SHIB) market cap can hit $100 billion.
SHIB Whales Cashing Out
In a recent tweet, Whale Alert, a prominent crypto surveillance service, detailed the transfer of a billion units of Shiba Inu tokens to a well-known market maker.
Specifically, Whale Alert also revealed that 299,960,261,700 SHIB tokens moved from an undisclosed source to Wintermute, a renowned liquidity provider in the crypto community. At the time of the announcement, the transferred tokens held a total value of $10,662,837.
🚨 299,960,261,700 #SHIB (10,662,837 USD) transferred from unknown wallet to #Wintermutehttps://t.co/YuoWgZwJwn
— Whale Alert (@whale_alert) March 8, 2024
Given Wintermute’s established reputation for facilitating liquidity for significant investors, this recent transfer of Shiba Inu tokens to the platform suggests a strategic move to capitalize on the recent surge in Shiba Inu’s market value.
Notably, Shiba Inu stands out among the top-performing digital assets that have rebounded impressively despite the recent downward pressure from Bitcoin, reports Crypto News Flash. Specifically, SHIB has surged by 28%, rising from its Bitcoin-influenced low of $0.00002942 to a peak of $0.00003775 over the past three days.
