• Developers of Shiba Inu (SHIB) have announced the upcoming beta release of Shibarium, a layer-2 network on top of the Ethereum mainnet.
• Evidence shows that Ethereum (ETH) whales are buying up SHIB in preparation for the launch. The top 100 ETH whales now have more USD in SHIB than any other cryptocurrency.
• The developers of Shibarium have also included a burning mechanism for SHIB, which is one of the most requested updates for the project.
The developers of the meme currency Shiba Inu (SHIB) recently published an update on their website to provide information on the forthcoming beta release of Shibarium. Shibarium is a layer-2 network that will operate on top of the Ethereum mainnet, and will give the community a platform to construct and expand the project and realize the founder’s goal. In addition to this, the developers have also included a burning mechanism for SHIB, which is one of the most requested updates for the project.
At the same time, evidence has shown that Ethereum (ETH) whales have been buying up SHIB in anticipation of the launch. According to the information provided by WhaleAlert, the top 100 ETH whales‘ combined holdings of Shiba Inu Coin now total more USD than any other cryptocurrency. This has caused SHIB to reclaim the lead from Staked Ethereum, abbreviated as stETH, which had previously taken the lead.
The price of SHIB has also seen a positive increase, climbing by 5% in the last day and 21.5% in the last week. This makes it one of the cryptos in the top 20 cryptocurrencies to perform the best in the past week. The developers of Shibarium have stated that their intention was not to enhance the price of the meme currency, despite the fact that some people feel that developing Shibarium is a means to do so.
All in all, the development of Shibarium and the increasing interest from ETH whales shows that there is a great deal of potential in the SHIB project. With the launch of the Shibarium beta, the community will be able to see just how successful the project can be and the impact it can have on the cryptocurrency market.