Shiba Inu: Whale Transactions Jump 56% Ahead of Shibarium Beta Launch

Vinod Dsouza
Shiba Inu Whale
Source: Facebook

Whales are going all-in on Shiba Inu as they’ve been on an accumulation spree since January 2023. The purchases come after the SHIB team confirmed that the Shibarium Layer-2’s Public Beta Testnet could be released anytime soon. The whales are taking an early entry position before the Shibarium Public Beta Testnet to stay ahead of the rally.

According to data from IntoTheBlock, an on-chain analytics firm, whale purchases in Shiba Inu have spiked 56%. This week alone, around 67 whale purchases were recorded on Etherscan, suggesting that whales are showing interest in SHIB.

Also Read: Exclusive: ‘Here’s What I’ll Do When Shiba Inu Reaches $0.01′

Shiba Inu had a phenomenal start in 2023 after spiking nearly 45% in January. The dog-themed token deleted a ‘zero’ in the indices and is now looking to scale up with the Shibarium Beta launch.

However, a tentative release date for the Shibarium Public Beta Testnet is yet to be revealed by the team. Nonetheless, its ecosystem token, Bone, jumped nearly 50% in the last 30 days due to the Beta release news.

Also Read: ‘Buy Shiba Inu’, Says Early Bitcoin Investor Davinci Jeremie

Bone will be used as gas fees in Shibarium and the token plays an important part in the Layer-2 solution. The token gets the maximum use case in the ecosystem and is now among the most sought-after cryptocurrencies for this reason.

Shibarium has doubled in price three times in 2022 after news about the Beta launch started doing the rounds last year. You can read more details about how it doubled in price in less than 30 days here.

Also Read: Shytoshi Is Right, People Will Not Celebrate When Shibarium Launches

Shiba Inu: The Shibarium Tales & Whales

Shiba Inu Whale
Source: Pixabay

Shibarium is Shiba Inu’s most unique selling point as the cryptocurrency would boast of its Layer-2 blockchain. Whales know the importance of the L2 network and believe that it could sustainably scale SHIB’s price in the indices.

The more transactions that are initiated on Shibarium, the more ‘burn’s would occur, this being also confirmed the team. In turn, this would only help SHIB’s price and also reduce its circulating supply simultaneously.

Also Read: Gas Fees on Shibarium to Cost Only $0.02 per Transaction?

At press time, Shiba Inu was trading at $0.00001175 and is up 0.8% in the 24 hours day trade. SHIB is down 86.4% from its all time high of $0.00008616, which it reached in October 2021.