The Shiba Inu community has shown great excitement as the Shibarium team has launched a YouTube channel for the upcoming protocol. Just earlier this week, a member of the marketing team announced that they were up to something, thus encouraging people to subscribe to the channel. Since then, the channel has grown from around 500 subscribers to approximately 2500. At present, not much information is given about the channel, but analysts believe potential insights about the project will be shared soon.
The belief about a series of projects joining the Shiba Inu ecosystem upon the integration of the layer 2 solution into the mainnet has boosted enthusiasm within the community. These developments are expected to expand the project’s ecosystem beyond current tokens.
Expected Price Movement for Shiba Inu?
Despite the positive sentiment and the upcoming developments, the price of Shiba Inu has not witnessed a rally yet. At the time of writing, Shiba Inu has declined by almost 0.71% over the previous 24 hours. The decline has pulled the trading price down to $0.00000784, the total market cap of the tokens stands at the $4.62 billion mark.
Despite the current market situation, analysts are increasingly optimistic about the potential impact of Shibarium’s mainnet launch on Shiba Inu tokens as well as other ecosystem tokens that include BONE and LEASH. According to the on-chain data analysis firm, IntoTheBlock, Shiba Inu is becoming popular among newcomers as it grew from 25% in mid-April to a little over 60% this week.
Developers Roll Out Shibarium’s Beta Version
The team of developers has released the beta version of the Shibarium Bridge. This version will allow users to test the layer-2 scaling solution of Shibarium. The announcement received positive feedback from the SHIB army which seemed excited to engage with the testnet version. However, developers emphasized that users should not use their real assets to engage with the protocol.
https://twitter.com/LucieSHIB/status/1684252125704880131?s=20
Upon mainnet launch, Shibarium will help in reducing the circulating supply of SHIB tokens which could potentially help in increasing the token’s price. Shibarium is a milestone for the Shiba Inu network which will go a long way in addressing the drawbacks of the ecosystem.
Billions of Shiba Inu Moved by Whales
Ahead of the Shibarium launch, Shiba Inu whales are making big moves. Not too long ago, several whales moved approximately 50 billion tokens between a number of exchanges and wallets. With this in mind, the largest entity transferred about 2.4 trillion SHIB in a single transaction.
The great volume of these transactions often results in fear throughout the crypto market about the possibility of a dump, SHIB has remained relatively stable. Based on the current situation, analysts suggest that the whales are merely holding on to the tokens instead of dumping them. There is no certainty about Shibu Inu’s price movement in the near future, but market geeks are keeping a close eye on the trends and they encourage to invest accordingly.
