Uncertainty about Shibarium unsettled the SHIB community.
Whales continue to gobble up SHIB in large numbers.
Shiba Inu [SHIB] has been under increased pressure lately as the meme coin lost a whopping 12% of its value in the past seven days as of this writing, data from CoinMarketCap revealed.
Read Shiba Inus [SHIB] Price Forecast 2023-24
In addition, data from Shibburn showed that SHIB’s burn rate has dropped nearly 80% in the past 24 hours, with just 8.2 million tokens sent to dead wallets. A dip in blazing activity is an alarming signal for a crypto asset and could further depress the price of the second largest meme coin.
Whales shrug off Shibarium’s disappointment
The disappointment stemmed from the delay in the launch of the long-awaited layer-2 solution, Shibarium. After the announcement, the protocol generated huge hype and there were speculations that it would be rolled out on February 14.
As it progresses, the launch has clearly missed the aforementioned date and there is no clarity in sight. SHIB’s official Twitter accounts haven’t provided an update on progress since early February, and the latest was one introductory blog about the network.
However, despite the uncertainty, major addresses remained confident in the meme coin. According to data from WhaleStats, top Ethereum [ETH] whales had $650 million worth of SHIB tokens, placing them first in their portfolios.
🐳 The top 500 #ETH whale hodling
Whale Leaderboard 👇https://t.co/tgYTpOm5ws pic.twitter.com/vHAvArgDoa
— WhaleStats (crypto whale tracking) (@WhaleStats) February 13, 2023
All quiet on the SHIB trading front
In addition, on-chain activity instilled little confidence. Transaction volume fell sharply in February 2023, while daily active addresses also fell after peaking on February 4, according to data from Santiment. This suggested that trading activity for the coin has dropped.
Weighted sentiment was negative, which may have been fueled by uncertainty over the launch of Shibarium.
How much are 1.10.100 SHIBs worth today?
At the time of writing, SHIB was down 0.55%. It broke past the indicated range on Feb. 4 and retested the important level at $0.00001243, which has flipped to support. Without a Shibarium push, the coin could re-enter the range.
The Relative Strength Index (RSI) dropped below the neutral 50, indicating that the bears were active again. The Awesome Oscillator (AO) also indicated an increase in bearish sentiment.
This post Shibarium fear notwithstanding, Shiba Inu [SHIB] whales stay…
was published first on https://ambcrypto.com/despite-shibarium-anxiety-shiba-inu-shib-whales-stay-faithful/