Shiba Inu in Top 10 tokens purchased by whales, When Shibarium?

Paigambar Mohan Raj
Source: Coinpedia

According to Whalestats, Shiba Inu (SHIB) is once again in the top 10 purchased tokens among the 500 consequential Ethereum whales. Ethereum whales are one of the biggest SHIB holders, although their holdings have significantly decreased over the year.

Moreover, Shiba Inu’s burn rate has surged by 138%. This follows after more than 42 million SHIB tokens were sent to the dead wallets. The burns took place over six different transactions in the last 24 hours.

A staggering 34.95 Million Shiba Inu tokens were sent to the burn addresses using a wallet associated with Cryptocom. The wallet is labeled “ 2.” The burns took place in two transactions. The wallet first removed 19,400,000 (19.40M) SHIB from circulation. Following the initial burn, the same wallet had a second transaction, permanently removing another 15,550,995 (15.55M) SHIB from circulation.

Source: Shibburn

Nonetheless, the burns have had little impact on SHIB’s falling price. Shiba Inu fell by 6.1% in the daily charts as of press time. The plummet could be due to the possibility of charges on Binance, the world’s largest crypto exchange. As per a Reuters report, the US Prosecutors office is considering charging the exchange and its management with money laundering and sanctions violations.

Shiba Inu Shibarium update

Although the token is struggling price-wise, all eyes are on the project’s layer-2 launch, Shibarium. SHIB developer “Trophias” hinted at a complete update of the ecosystem. However, there is no fixed date on when it might happen. Moreover, Trophias has shared several riddles via Twitter, further teasing a possible launch.

The most recent riddle got a reply from Shiba Inu’s game developer William Volk. Volk answered the riddle with “today,” leading many to believe there were more updates. However, there has been no word on any updates yet.

Shibarium is one of the most anticipated launches from the project. Many expect SHIB to take a turn for the better once the network goes live. The launch will mean that SHIB will no longer be an ERC20 token, as it will have its own network.

At press time, SHIB was trading at $0.00000885, up by 0.2% in the last 24 hours.