• ShibaSwap DEX shared an update on Ryoshi Vision rewards, announcing their distribution within the next 48 to 72 hours from June 26. 
  • Shiba Inu coin now ranks in the top 10 cryptocurrencies by trading volume among the 500 largest whales on the Ethereum network. 
  • Analysts predicted a breakout in Shiba Inu price over the next few days. 

ShibaSwap, the native decentralized exchange of the Shiba Inu coin project, announced the distribution of Ryoshi Vision rewards within the next 48 to72 hours from June 26, 2022. ShibArmy will soon receive passive income from the Shiba Inu burn portal. 

Also read: Shiba Inu price rally beat crypto market for this reason

Shiba Inu burn portal rewards will be distributed soon 

The Shiba Inu burn portal was created in collaboration with the creators of Ryoshi Vision in April 2022. Ryoshi Vision is an ERC20 token, and it was founded to honor the creator of the Shiba Inu ecosystem, “Ryoshi.” While Ryoshi mysteriously disappeared a few weeks ago, Ryoshi Vision strives to fulfill the Shiba Inu creator’s vision. 

The Shiba Inu burn portal was built to reward holders who burn SHIB with passive income. The rewards would be distributed in the form of RYOSHI tokens, and 0.49% of all transactions would be distributed to owners of burnt SHIB. 

With the Shiba Inu burn portal launch, a SHIB “BURN Pool” was created to offer rewards for burning the meme coin. 

Based on data from Shibburn.com, 410.37 trillion Shiba Inu coins have been burnt. The announcement of Ryoshi Vision rewards for burnt Shib showed a massive spike in the number of Shiba Inu coins burnt. 

Shiba Inu circulating and burnt supply

Shiba Inu circulating and burnt supply

ShibaSwap, the Shiba Inu ecosystem’s native decentralized exchange, announced the launch of Ryoshi Vision rewards within 48 to 72 hours from June 26, 2022. The rewards have been delayed, and ShibArmy had a long wait before any update from ShibaSwap. The team has confirmed that they do not expect any further delay, and the release and another update will be shared upon completion. 

Ryoshi Vision rewards distribution plan

For the first 20 weeks in phase one of reward distribution, every holder of xSHIB (staked SHIB on ShibaSwap) receives an equal quantity. On May 17, 2022, the first phase of rewards distribution to owners of burnt SHIB started; since then reward distribution has been delayed and burnt SHIB holders have waited for the subsequent distribution. 

According to the distribution plan post-phase one, when phase two begins half of the accumulated rewards would be distributed to RYOSHI WARRIORS:

  • 49% proportional to the owners of the burnt SHIB pool
  • 49% proportional to the ShibaSwap stakers of RYOSHI liquidity pool tokens
  • 1% to the ShibaSwap project wallet
  • 1% to the RYOSHI project wallet

The other half of the accumulated rewards would be kept for future distribution cycles. 

Shiba Inu coin ranks in the top 10 cryptocurrencies among Ethereum whales

Based on data from WhaleStats, the Shiba Inu coin now ranks in the top 10 cryptocurrencies by volume among the 500 largest whales on the Ethereum network. Through the recent dips in Shiba Inu price in the bear market, large wallet investors scooped up Shiba Inu coins. 

Top 100 Ethereum whales hold 512.3 billion Shiba Inu coins, worth $5.9 million. Shiba Inu is the third-largest cryptocurrency holding in the whales’ portfolio after Ethereum and USDC. The meme coin Shiba Inu makes up 15.42% of whales’ portfolios on average. 

Top 10 cryptocurrencies held by 100 largest Ethereum whales

Top 10 cryptocurrencies held by 100 largest Ethereum whales 

Shiba Inu coin holder count explodes

The count of Shiba Inu coin holders has increased consistently as investors continue scooping up the Dogecoin-killer. A total of 1,188,887 wallets hold Shiba Inu coins, climbing toward the 2 million target. 

The number of wallets holding Shiba Inu increased nearly every day. A rise in the number of wallet holders indicates long-term interest in the ongoing bear market. 

Shiba Inu coin holders and circulating supply

Shiba Inu coin holders and circulating supply

Analysts believe Shiba Inu price could break out 

Denys Serhiichuk, a leading crypto analyst, evaluated the Shiba Inu price chart and noted that SHIB is approaching local resistance at $0.00001297. The analyst believes a daily candle close near $0.00001200 could confirm a breakout within the next few days. Shiba Inu price is $0.00001165 at press time. 

SHIB-USDT price chart

SHIB-USDT price chart 

FXStreet analysts believe Shiba Inu price could rally to $0.00001390 before further consolidation in the meme coin. Analysts believe Shiba Inu price could face challenges on its path to recovery from the recent slump in the crypto market. For more information, watch this video:

 

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