A top SHIB whale added $1.18 million worth of Shiba Inu within 24 hours. Data from Etherscan.io reveals that this whale ranked as the nineteenth largest SHIB holder accumulating 140 Billion SHIB.
The whale acquired the SHIB tokens in two separate transactions marking its second massive accumulation within 72 hours.
SHIB Token Burns And Shibarium Launch Likely Behind Accumulation
Shiba Inu network and users engaged in massive SHIB burn events in 2023. The burning mechanism aims to reduce excess tokens and boost SHIB’s price. However, no notable price increase has occurred since the token burn events.
Nevertheless, the top SHIB whales are accumulating the tokens ahead of the Shibarium launch and a possible price increase for the asset.
Related Reading: Bitcoin Hangs At $26,200: Why This Is A Crucial Support Level
BLAZE token has been identified as the largest SHIB burner in recent times on the ecosystem.
Shiba Inu Team Member Projects Timeline For Shibarium Launch
A member of Shiba Inu’s marketing team, LUCIE, shared her thoughts on the proposed mainnet launch of Shibarium in a Tweet.
Shibarium is a Layer-2 (L2) scaling solution created for the Shiba Inu ecosystem. Its launch date is highly speculative, with several dates proposed in the past.
However, LUCIE stated that she guessed the launch date would be in Q3 of 2023, while Shiba Inu founder Shytoshi Kusama projects in July.
The exact launch date remains a mystery and LUCIE believes the Shibarium Mainnet Launch will happen between the second and third quarters of 2023.
Additionally, she believes that Shiba’s team remains confident about the launch, with multiple teams working on it and exploring Artificial Intelligence (AI) integration.
LUCIE emphasized that the testing process is crucial and security audits are necessary before its launch. She explained further, that if tests go wrong, the Shibarium mainnet release will delay.
Shiba Inu Price Outlook
Despite the recent announcements concerning Shibarium’s launch, SHIB did not record much price fluctuation. It traded at $0.000009967 on May 1, 2023, before moving to $0.00001002 on May 2. However, by May 4, its price dropped to $0.000009896, losing some of its earlier gains.
SHIB dropped to $0.000008695 on May 11, showing price volatility. The bulls attempted to rally on May 23, pushing its price to $0.000008899.
However, SHIB met resistance returning to $0.000008519 on May 24 and is trading at $0.000008479 at press time today, depicting a 0.16% increase in 24 hours.
Despite the price gain, SHIB’s trading volume is down by 8%, a possible signal of traders’ hesitation in the market. But the launch of the Shibarium mainnet in the ecosystem may be the price catalyst SHIB needs to reclaim its gains as it may boost SHIB usage.
Featured image from Pixabay and chart from Tradingview.com
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