Why ETH Whales Are Scooping Billions Of SHIB Tokens Right Now?

Shiba Inu News: Shiba Inu, the world’s second largest meme cryptocurrency didn’t get the desired gains in the year 2022 due to the multiple collapses in the market. However, recent updates coming from the Shiba Inu ecosystem have motivated and assured the community of some good times ahead amid the increased volatility in the market.

Shiba Inu among favs of ETH whales?

As per the report, Shiba Inu Ecosystem’s long planned Layer 2 blockchain solution, Shibarium dropped a much anticipated update. It highlighted that the Beta launch is expected to happen in early 2023.

It mentioned that Shiba Inu’s Bone ShibaSwap (BONE) token will serve as the required gas token within the Shibarium. However, this time it added that each transaction done will burn the Shiba Inu token in the process.

This recent announcement has pumped the Ethereum whales to add more Shiba Inu in their wallets. As per Whalestats, SHIB token flipped Wrapped Ethereum (WETH) for the most traded token among the top 1000 whales. Read More Shiba Inu News Here…

While a whale address named BlueWhale0159 bought 187 billion Shiba Inu token in a single transaction. The total worth of the purchase stands at around $1.5 million.

As per the data, Shiba Inu is in the top 10 list of tokens purchased by the largest 100 ETH whales in the last 24 hours. SHIB token also made it the most used smart contract by the same whales.

Data suggests that the top 100 ETH whales are now cumulatively holding $44.2 million worth of Shiba Inu tokens with them. This makes up just 2% of their total holdings.

Will SHIB Burn help its price to surge?

The update from the Shibarium depicts that the BONE will be the only crypto for transactions in Shibarium. While Shiba Inu holders (which hold over 1 million SHIBs) will need to make transactions in Shibarium to burn their tokens.

With every transaction, SHIB tokens will be sent to a dead wallet. This move will help the community to lock in huge amounts of SHIB tokens which can boost the Shiba Inu price in the future.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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