On the same day that Shiba Inu creator Shytoshi Kusama tweeted about Shibarium, ETH whales accumulated SHIB, placing it in the top 10 of the most held tokens among 2,000 whales in the recent 24 hours.
Kusama has teased the debut of Shibarium, the planned L2 scaling solution for the Shiba Inu ecosystem, and many are asking what this may mean for SHIB in terms of pricing improvement.
The L2 update has been in progress for quite some time as the community-driven ecosystem moves away from its meme coin roots. Shibarium’s close implementation gets the SHIB community closer to this objective.
The primary objective of Shibarium is to give the Shiba Inu community a thriving ecology. In addition to gaming, it offers usefulness, increased throughput, and metaverse innovations. As token burning is deflationary, it is essential to Shibarium’s well-being.
Despite the fact that ETH whales have acquired SHIB in anticipation of Shibarium’s debut, the token has not witnessed any significant increases over the previous 24 hours.
As the day of release approaches, SHIB may fall behind BONE in terms of a short-term price increase. This is due to the fact that BONE is Shibarium’s governance token, giving its holders the opportunity to vote on the direction of the ecosystem.
Previous ETH whale behaviour had an impact on SHIB’s burn rate as well. There has been a total of 322,781,348 SHIB consumed due to whale activity during the previous three days. However, this creates a significant concern since the absence of regular investors from the market is a direct result of the price decline after the accumulation of whales.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.