Shiba Inu News: Shiba Inu, the world’s second largest meme cryptocurrency, failed to achieve desired gains in the year 2022 due to multiple market collapses. However, recent updates coming from the Shiba Inu ecosystem have motivated the community and ensured some good times amid the increased volatility in the market.
Shiba Inu Among ETH Whale Favorites?
According to the report, Shiba Inu Ecosystem’s long-planned Layer 2 blockchain solution, Shibarium dropped a much-anticipated update. It highlighted that the beta launch is expected to take place in early 2023.
It was mentioned that Shiba Inu’s Bone ShibaSwap (BONE) token will serve as the required gas token in the Shibarium. This time, however, it added that every transaction made will burn the Shiba Inu token in the process.
This recent announcement has prompted the Ethereum whales to add more Shiba Inu to their wallets. According to Whalestats, SHIB token has flipped Wrapped Ethereum (WETH) for the most traded token among the top 1000 whales. Read more Shiba Inu news here…
While a whale address called BlueWhale0159 bought 187 billion Shiba Inu token in a single transaction. The total value of the purchase is approximately $1.5 million.
According to the data, Shiba Inu is among the top 10 tokens bought in the last 24 hours by the top 100 ETH whales. SHIB token also made it the most used smart contract by the same whales.
Data suggests that the top 100 ETH whales now carry a cumulative $44.2 million in Shiba Inu tokens. This only makes up 2% of their total holdings.
Will SHIB Burn help the price rise?
The Shibarium update shows that the BONE will be the only crypto for transactions in Shibarium. While Shiba Inu holders (who have more than 1 million SHIBs) have to make transactions in Shibarium to burn their tokens.
With every transaction, SHIB tokens are sent to a dead wallet. This move will help the community to lock up huge amounts of SHIB tokens, which may increase the Shiba Inu price in the future.
Ashish believes in decentralization and has a keen interest in the development of Blockchain technology, the cryptocurrency ecosystem and NFTs. He aims to create awareness around the growing crypto industry through his writings and analysis. When he’s not writing, he’s playing video games, watching a thriller, or exercising outside. Reach me [email protected]
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post Why ETH Whales Are Scooping Up Billions of SHIB Tokens Right Now?
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