The number of Shiba Inu tokens held by large investors, or “whales,” dropped sharply on March 11, the day of the long-awaited public beta launch of Shibarium, also known as PuppyNet.
Finally, after much anticipation, the lead developer of Shiba Inu, Shytoshi Kusama, announced that the beta version of Shibarium is now available to the public. Kusama emphasized that a massive, global, decentralized community requires a decentralized Layer 2 network.
Shibarium Awal Beta Goes Live
SHIBARIUM EARLY BETA TEST IS LIVE!
Today, more than ever, we see the need for a truly decentralized L2 network that can project large, global, decentralized communities.
Read more: https://t.co/131BxiS4BS
– Shibarium Network (@ShibariumNet) March 11, 2023
About 251 trillion SHIB, not including the dead addresses needed for burning, are currently held by the largest meme coin holders. More than a quarter of the first batch of offers and almost half of the total supply (not counting the burnt addresses) are now only 14 people, who collectively have the figures above.
40 Wallets Containing 122 Trillion Shiba Inu Tokens
But it is not so easy when the same amount also fills the wallet of a rather small but important investor. Based on data by IntoTheBlock, there are currently 40 addresses holding 12.35%, or nearly 122 trillion SHIB, in this group.
In particular, these investors had 123.16 trillion SHIB in their holdings at the end of the previous week before selling some of their holdings and buying back 10 trillion Shiba Inu tokens on March 11.
To facilitate the generation and trading of digital assets in a secure and open environment, the Shibarium blockchain was developed. A secondary goal is to lay the groundwork for the creation of decentralized software (dapps).
Hehehe 🤓#NOWNodes x #Shibarium Roadmap – Step 1 activated ⛓️
We will open a pre-release form so you can sign up for early access to the Shibarium Mainnet node (as soon as the project is launched by SHIB) ❗️ https://t.co/lVyMqK6Geh
– NOWNodes (@NOWNodes) March 11, 2023
The first step of NOWNodes’ Shibarium Roadmap was also announced. On Twitter, the developer announced a pre-release form for Shibarium Mainnet node access.
Whale Lesser Scooping SHIB?
Meanwhile, some of SHIB’s biggest supporters (whales) have abandoned the token in favor of alternative cryptocurrencies.
Data shows that SHIB’s whale holdings have decreased significantly since November last year, indicating that some of the top token holders have lost faith in their growth plans.
Image: Zipmex
At the time of writing, SHIB is trading at $0.00001008, a loss of almost 10% of its value. Meme coin shed 0.2% in the last 24 hours, data from crypto market tracker Coingecko shows.
Source: Coingecko
In the last week of February 2023, Kusama opened the Shibarium Join portal, a means of entering the community. The beta user interface allows users to view data on the network, validators, and staking.
SHIB total market cap currently at $5.6 billion on the weekend chart | Chart: TradingView.com
Silicon Valley Bank Collapse Impacts SHIB Price
However, the price of SHIB did not change significantly due to the beta announcement. The USDC depegging that followed the bankruptcy of Silicon Valley Bank and shook global financial markets may be one of the causes.
Meanwhile, the value of the Shiba Inu in the future has not been calculated. Market direction can be determined by whether the price level is holding or breaking.
The recovery could send SHIB price back up to $0.0000130. However, if the price does not recover, it may fall to $0.0000850.
-Images shown are from Hitechies