A top SHIB whale added $1.18 million worth of Shiba Inu in 24 hours. Data from Etherscan.io revealed that this whale is ranked as the 19th largest SHIB holder amassing 140 Billion SHIB.
The whale acquired SHIB tokens in two separate transactions marking the second large accumulation within 72 hours.
SHIB Token Burns And Shibarium Launch Likely Behind Accumulation
The Shiba Inu network and users share large SHIB burn events in 2023. The burning mechanism aims to reduce the surplus of tokens and increase the price of SHIB. However, no notable price increases have occurred since the token burn events.
However, early SHIB whales are accumulating tokens ahead of Shibarium’s launch and a possible price increase for the asset.
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BLAZE sign identified as the biggest SHIB burner in recent times in the ecosystem.
The Shiba Inu Team Member Projects Timeline For Shibarium Launch
A member of Shiba Inu’s marketing team, LUCIE, shared his thoughts of Shibarium’s proposed mainnet launch in a Tweet.
Shibarium is a Layer-2 (L2) scaling solution developed for the Shiba Inu ecosystem. Its launch date is highly speculative, with several dates suggested in the past.
However, LUCIE stated that he is predicting a launch date of Q3 of 2023, while Shiba Inu founder Shytoshi Kusama is planning for July.
The exact launch date remains a mystery and LUCIE believes that the Shibarium Mainnet Launch will take place between the second and third quarter of 2023.
Furthermore, he believed that Shiba’s group remained confident the launchwith several teams working on it and exploring Artificial Intelligence (AI) integration.
LUCIE emphasized that the testing process security audit is important and necessary before launching it. He further explained, that if the tests go wrong, the release of the Shibarium mainnet will be delayed.
Shiba Inu Price Perspective
Despite recent announcements about the launch of Shibarium, SHIB has not recorded much price volatility. it sold for $0.000009967 on May 1, 2023, before moving to $0.00001002 on May 2. However, on May 4, its price dropped to $0.000009896, losing some of its previous gains.
SHIB dropped to $0.000008695 on May 11, showing price volatility. The bulls tried to rally on May 23, pushing its price to $0.000008899.
However, SHIB met resistance back at $0.000008519 on May 24 and was trading at $0.000008479 at press time today, representing a 0.16% increase in 24 hours.
Despite the increase in price, the trading volume of SHIB decreased by 8%, a possible signal of doubt among traders in the market. But the launch of the Shibarium mainnet in the ecosystem may be the reason for the price SHIB needs to recoup its gains as SHIB usage may increase.
Featured image from Pixabay and chart from Tradingview.com