Shiba Inu Now ETH Whales’ Top Coin At 178 Billion Ahead Of Shibarium Launch

Shibarium has been in the headlines since Shytoshi Kusama, the founder of the Shiba Inu ecosystem, teased about the project back in December. Ahead of this, SHIB – the native token of the ecosystem – gained 27% in the last 30 days. This placed the token in the eyes of whales which made it in […][...]

The Shiba Inu ecosystem's native token, SHIB, has been receiving a lot of attention recently due to the involvement of its founder Shytoshi Kusama. In the past 30 days, the token has seen a 27% increase in value which caught the attention of large investors, commonly known as "whales." According to WhaleStats, these whales hold an average of 178 billion SHIB, valued at $1.8 million. However, it remains to be seen if this level of interest from whales will be enough to maintain the token's upward trend.

The Gist On Shibarium’s Launch

The release date for the Shibarium upgrade is not certain, but the beta version of the upgrade is expected to be released soon. This will give holders of SHIB a preview of the Layer 2 network solution for the Shiba Inu ecosystem. According to a recent blog post on ShibaSwap, the beta launch will provide insight into how the upgrade's concepts, such as lower gas fees and the involvement of validators and delegators, will function within the ecosystem to optimize performance.

The Shibarium upgrade was already underway when the Shiba Inu development team released Shiba Eternity back on October 6th of last year. Shiba’s burn mechanism was also implemented back in 2021, making the SHIB token deflationary. 

Shiba Inu’s current burn rate at the time of writing is at 50% according to ShibBurn, a website dedicated to tracking the burn rate of the SHIB token. When Shibarium’s beta launch occurs, we might see a higher than expected burn rate especially in the actual launch of the ecosystem. 

What Does This Mean For SHIB?

The SHIB token is currently trading at $0.00001052 and has been trying to consolidate above the $0.00001038 support level. At the current price of the token, it may face a stronger correction in the short and mid term. This is especially true since the bears are about to retest the current support level.

If the token continues to sustain its momentum, it might retest the $0.00001192 price resistance which, if broken, would result in regaining lost ground when the market crashed following the fall from grace of FTX. 

With Bitcoin breaking its $21,000 resistance level and SHIB’s high correlation with BTC, Shiba Inu might continue to follow the top coin’s drive to higher highs in the coming days or weeks. 

Featured Image by Getty Images

Source: Bitcoinist.com