A major SHIB whale recently added $1.18 million worth of Shiba Inu within 24 hours, according to data from Etherscan.io. This whale is now the nineteenth largest SHIB holder, with 140 billion SHIB. This marks the second massive accumulation by the whale within 72 hours. The accumulation may be due to the upcoming Shibarium launch and a possible price increase for the asset.
The Shiba Inu network and users engaged in massive SHIB burn events in 2023 to reduce excess tokens and boost SHIB’s price. However, no notable price increase has occurred since the token burn events. The largest SHIB burner in recent times on the ecosystem is BLAZE token.
Shibarium is a Layer-2 (L2) scaling solution created for the Shiba Inu ecosystem. Its launch date is highly speculative, with several dates proposed in the past. A member of Shiba Inu’s marketing team, LUCIE, believes the launch date will be in Q3 of 2023, while Shiba Inu founder Shytoshi Kusama projects in July. The exact launch date remains a mystery, but LUCIE believes it will happen between the second and third quarters of 2023. She also believes that Shiba’s team remains confident about the launch, with multiple teams working on it and exploring Artificial Intelligence (AI) integration. However, LUCIE emphasized that the testing process is crucial and security audits are necessary before its launch. If tests go wrong, the Shibarium mainnet release will be delayed.
Despite the recent announcements concerning Shibarium’s launch, SHIB did not record much price fluctuation. It traded at $0.000009967 on May 1, 2023, before moving to $0.00001002 on May 2. However, by May 4, its price dropped to $0.000009896, losing some of its earlier gains. SHIB dropped to $0.000008695 on May 11, showing price volatility. The bulls attempted to rally on May 23, pushing its price to $0.000008899. However, SHIB met resistance returning to $0.000008519 on May 24 and is trading at $0.000008479 at press time today, depicting a 0.16% increase in 24 hours. Despite the price gain, SHIB’s trading volume is down by 8%, a possible signal of traders’ hesitation in the market. But the launch of the Shibarium mainnet in the ecosystem may be the price catalyst SHIB needs to reclaim its gains as it may boost SHIB usage.
Important quotes: “The accumulation may be due to the upcoming Shibarium launch and a possible price increase for the asset.” “However, LUCIE emphasized that the testing process is crucial and security audits are necessary before its launch. If tests go wrong, the Shibarium mainnet release will be delayed.”