More than one month following the <a href="https://newsbtc.com/news/ftx-crash-triggers-major-selloff-in-solana-price-how-deep-will-sol-dive/">FTX collapse</a>, SHIB has continued its struggle as the meme coin has been unable to put together any bullish momentum. While the rest of the market was also hit hard by the crash, other top coins have been nonetheless able to show at least a little recovery. <a href="https://newsbtc.com/news/company/is-it-too-late-to-buy-shiba-inu-what-is-the-industry-saying-about-it/">Shiba Inu</a>, on the other hand, has moved virtually sideways since then, and thus still finds itself down almost 30% in the period.

According to Glassnode, the number of addresses on the Shiba Inu network has reached a new peak. The figure topped 3 million addresses and continues to climb. However, the same cannot be said for token prices.

Shibburn.com recently reported a major burn transaction of the day. As per the report, a total of 19,400,000 (19.40M) SHIB has been moved to a dead wallet in a single transaction.

The <a href="https://finbold.com/category/cryptocurrency-news/">cryptocurrency sector</a> continues to suffer the protracted consequences of the collapse of <a href="https://finbold.com/review/ftx-review/">FTX</a>, once one of the largest <a href="https://finbold.com/guide/best-cryptocurrency-trading-platforms/">crypto exchanges</a> in the world, and the meme token Shiba Inu (<a href="https://finbold.com/cryptocurrency/shiba-inu/">SHIB</a>) is no exception, despite recent positive developments.

Shiba Inu Burns continue on a daily and weekly basis.

While SHIB continues to underperform in the crypto market, unknown Shiba Inu whales have been spotted transferring huge amounts of the meme token in the last 24 hours. The total fees paid in ETH for the $52.4 million worth of crypto transfer was $2.19 only.

Major Shiba Inu Whale added 2.80 Trillion SHIB in the past 24 hours and 3.05 Trillion in the past 30 days. As of press time, the Whale holds 13.93 Trillion SHIB.

To meet users’ demand, OKX crypto exchange enabled the flexible staking feature for five top digital assets including XRP, Shiba Inu (SHIB), and Dogecoin (DOGE).

OKCoin Japan, one of Japan’s top exchanges and the Japanese subsidiary of the digital asset conglomerate OK Group, has confirmed its plans to list Shiba Inu (SHIB) three days after it hinted at accommodating SHIB.

Shiba Inu News: In a market environment that is predominantly facing uncertainty around liquidity of crypto companies, developers continue to make progress in the background. Although the <a href="https://coingape.com/tag/ftx/">FTX</a> collapse took the crypto market’s credibility backwards by a significant extent, it is not necessarily halting progress in terms of technology. In this context, reports suggest that the support for crypto projects from bigwigs like Elon Musk is all set to further adoption of web 3.0. It is well known that Musk is fond of popular <a href="https://coingape.com/glossary/meme-cryptocurrency/">memecoin</a> Dogecoin (DOGE).