• Whales have been buying up 10.25 trillion Shiba Inu tokens as the SHIB price continues to plummet.
• The bears continue to hold their paws over the crypto markets, with SHIB suffering one of the biggest losses in the altcoin section.
• Shibarium’s Layer-2 scaling solution is in progress and will soon be launched, centering around the gas fee token BONE.
Whales Accumulate Shiba Inu as SHIB Price Freefall Continues
Price Drop
The leading digital asset Bitcoin (BTC) just plummeted below the $28,000 price range, while tokens in Shiba Inu’s Ecosystem recorded historically low values today. This has led to a 10.9% drop in value for SHIB in a week alone. At press time, the canine coin trades at $0.00000904 with a 4.4% daily downturn according to CoinGecko.
Shibarium Gas Fee Token $BONE
Shibarium’s Layer-2 scaling solution will revolve around Bone ShibaSwap (BONE), the gas fee token of its mainnet, which is currently trading at $0.809163 according to CoinMarketCap data. Despite its heavy plunge last week and drop below two consecutive key support lines, BONE remains popular among Ethereum whales who are scooping up 10.25 trillion SHIB tokens since last week.
Retail Users Loading Up on SHIB
97% of retail users on Coinbase choose to load up on SHIB rather than sell it – an indication that many investors are still optimistic about its future despite its current decline in market value and bearish technical signals on weekly charts indicating a 1.61% drop in holders in the money – now only 14% of SHIB holders profit from this price range according to popular exchange metrics data.
Unification xFund Assures Mainnet Launch
Earlier today Unification xFund assured crypto community members that Shibarium’s mainnet is indeed progressing and will be launched soon; however no exact timeline was given yet for when this might happen exactly or what features it might bring along with it besides more utility for Shiba Inu besides being an ERC-20 on Ethereum (ETH).
Conclusion
Despite its bearish trends continuing and significant losses occurring due to dips across all markets, investors seem optimistic about the future prospects of Shiba Inu as evidenced by whales accumulating more tokens and retail users loading up instead of selling off their holdings despite significant losses already incurred so far this year – all eyes remain set on Unification xFund’s upcoming launch of Shibarium’s mainnet for more clarity regarding further developments within its ecosystem going forward into 2023 and beyond