Shiba Inu Whales Shed Trillions of Tokens After Shibarium Beta Launch
Since the beta release of Shibarium, the highly anticipated layer-2 protocol built on top of Ethereum (ETH), Shiba Inu (SHIB) whales have been shedding their tokens en masse. As per IntoTheBlock analytics firm, Shiba Inu whale balances dropped from 670.9 trillion to 660.9 trillion SHIB since Friday, a day prior to the beta launch. The number of SHIB whale addresses also decreased by 6.25% over the last seven days.
Shibarium: A Layer-2 Protocol for Ethereum
Shibarium has been in development since May 2021 and is expected to operate similarly to Polygon (MATIC). As the blockchain community had been eagerly waiting for its beta release, the shift in token balances could have potentially triggered market volatility. However, despite the decline in whale addresses and token balances, the price of SHIB has not been affected. At the time of writing, SHIB is trading at 0.000011, having increased by over 6% in the last 24 hours.
Read: Shibarium Goes Live! Shiba Inu's L2 Solution Finally Released
Large Ethereum Whales Still Hold Millions of Dollars in SHIB
While Shibarium's beta release triggered a mass exodus of SHIB from whale wallets, the blockchain-tracking platform WhaleStats shows that the largest 100 Ethereum whales still hold $601.20 million worth of SHIB, representing nearly 12% of their crypto portfolio. Additionally, according to WhaleStats, SHIB is still the largest altcoin holding among the top 100 Ethereum whales, excluding stablecoins and Ethereum itself.
Implications for the Future of SHIB
The decline in SHIB whale balances and addresses after the Shibarium beta release might not have an immediate impact on SHIB's price, but it could have long-term implications. If whales continue to shed their tokens, it could lead to more even distribution and potentially stabilize the market. On the other hand, if whales start buying back in, it could lead to a surge in the token's value. Only time will tell how SHIB's price will be affected by the ongoing movements of the crypto whales.
Conclusion
The Shibarium beta launch has triggered a significant shift in Shiba Inu (SHIB) whale addresses and balances, as more than 10 trillion tokens have left large Ethereum wallets. Although the price of SHIB has remained stable, the long-term implications of this movement remain to be seen. With the potential for a more even distribution of SHIB, the market could become more stable. Conversely, a buying spree by the whales could lead to a significant surge in the value of the token. As with all crypto assets, it is impossible to predict how the market will react to these changes, but it will certainly be interesting to observe in the coming days and weeks.
