ETH Whales Do Not Know How to Stop
On the same day Shiba Inu founder Shytoshi Kusama tweeted (December 29) about Shibarium, ETH whales gathered SHIB and placed crypto in the top 10 most held tokens among 2,000 whales in the last 24 hours.
The launch of Shibarium, the next L2 solution for the Shiba Inu environment, was teased by Kusama, and many wondered what it could bring to the table for SHIB in terms of price increases.
ETH Whales: Shibarium and It’s Implications for SHIB
The L2 update has been in development for a while now, as the community’s community has moved away from the memecoin startup. A robust Shibarium implementation brings the SHIB community closer to this goal. The main purpose of Shibarium is to provide the Shiba Inu community with a strong ecosystem in which they can participate.
It promises utility, better production, and various developments, not to mention games. Being a blasphemer, the token fire is a very important part of Shibarium’s well-being.
And even though ETH whales piled up SHIB before the launch of Shibarium, the token hasn’t seen much profit in the past 24 hours. It slid 0.7% against BONE, Shibarium’s upcoming official promotion, which is up more than 5.6% since yesterday.
What Can Happen on Shibarium Launch Day
As the launch date approaches, SHIB may lag behind BONE in terms of near-term price growth. In fact, BONE is Shibarium’s official token, giving its holders the right to vote on the end of the ecosystem.
In the long term, however, the activity of ETH whales and the fire of SHIB can have a significant impact on its price. According to Shibburn, the token burner, 182,339,090 SHIB were burned today.
Previous ETH whale activity also affected the SHIB token. In the past few days to date, a total of 322,781,348 SHIBs have been burned that can be attributed to whale activity. However, this presents a significant problem because the price falls when the whale builds up meaning that the sellers who sell the goods do not participate in the market. The reason they are not involved in the crypto market is that they are facing a worsening economic situation.
Retail investors can also move their capital to safer assets that can protect them from inflation such as government bonds. In the meantime, investors and consumers should be wary of creating hype. This run is putting tremendous pressure on SHIB’s potential to trade as Shibarium emerges with signs of falling in price. For short-term gains, a break above the $0.00000826 price break will bring benefits to investors and traders.
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