NewsletterWhy ETH Whales Are Scooping Billions Of Shiba Inu Tokens Right Now?
Shiba Inu News: Shiba Inu, the world’s second largest meme cryptocurrency didn’t get the desired gains in the year 2022 due to the multiple collapses in the market. However, recent updates coming from the Shiba Inu ecosystem have motivated and assured the community of some good times ahead amid the increased volatility in the market.
Shiba Inu among favs of ETH whales?
As per 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 happen in early 2023.
It mentioned that Shiba Inu’s Bone ShibaSwap (BONE) token will serve as the required gas token within the Shibarium. However, this time it added that each transaction done will burn the Shiba Inu token in the process.
This recent announcement has pumped the Ethereum whales to add more Shiba Inu in their wallets. As per Whalestats, SHIB token flipped Wrapped Ethereum (WETH) for the most traded token among the top 1000 whales. Read More Shiba Inu News Here…
While a whale address named BlueWhale0159 bought 187 billion Shiba Inu token in a single transaction. The total worth of the purchase stands at around $1.5 million.
As per the data, Shiba Inu is in the top 10 list of tokens purchased by the largest 100 ETH whales in the last 24 hours. SHIB token also made it the most used smart contract by the same whales.
Data suggests that the top 100 ETH whales are now cumulatively holding $44.2 million worth of Shiba Inu tokens with them. This makes up just 2% of their total holdings.
Will SHIB Burn help its price to surge?
The update from the Shibarium depicts that the BONE will be the only crypto for transactions in Shibarium. While Shiba Inu holders (which hold over 1 million SHIBs) will need to make transactions in Shibarium to burn their tokens.
With every transaction, SHIB tokens will be sent to a dead wallet. This move will help the community to lock in huge amounts of SHIB tokens which can boost the Shiba Inu price in the future.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- December Recovery Ahead? Coinbase Outlines Why Crypto Market May Rebound
- Peter Brandt Hints at Further Downside for Bitcoin After Brief Rebound
- $1.3T BPCE To Roll Out Bitcoin, Ethereum and Solana Trading For Clients
- Why is the LUNC Price Up 70% Despite the Crypto Market’s Decline?
- CoinShares Fires Back at Arthur Hayes, Dismisses Fears Over Tether Solvency
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
