Friday, January 6, 2023

Shiba Inu developers share Shibarium update, the layer-2 solution will scale a $4.9 billion market

Shiba Inu, the second-largest meme coin in the cryptocurrency ecosystem, will soon benefit from the launch of its scaling protocol Shibarium. This is the layer-2 scaling solution that will utilize BONE from the Shiba Inu ecosystem, and scale the $4.9 billion meme coin project. SHIB ecosystem’s technical experts ask the SHIB Army to stay alert to official information via social media and blog portals. As the community awaits an update on Shibarium launch and the release date of the layer-2 protocol, the Dogecoin competitor continues to rank among the top cryptocurrencies held by whales. SHIB is a favorite among 500 largest Ethereum whales Based on data from Whale Stats, a crypto intelligence tracker, Shiba Inu (SHIB) ranks as the tenth most used smart contract among the 500 largest Ethereum whales. When large-wallet investors scoop up Shiba Inu tokens or engage in transactions worth $100,000 or more, it helps traders determine the direction of the SHIB price trend. Typically, whale activity has been the key to the direction of Shiba Inu, also known as the Dogecoin killer. As seen in the chart below, SHIB whale transactions (>$100,000) spiked before a decline in Shiba Inu price. This can be interpreted as profit taking by whales. After scooping up the meme coin at a discount through the dips in the ongoing cycle, large-wallet investors engage in mass profit-taking at SHIB’s local price high, following which the asset’s price declines. Whales from the Ethereum network are scooping up the meme coin and there is an increased likelihood of profit-taking from whales around a local hike in SHIB’s price.

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