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Despite Shibarium anxiety, Shiba Inu [SHIB] whales stay…

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Despite Shibarium anxiety, Shiba Inu [SHIB] whales stay faithful

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  • Uncertainty over Shibarium made SHIB community restless.
  • Whales continue to gobble SHIB in large numbers.

Shiba Inu [SHIB] has been under increased pressure as of late, as the meme coin shed as much as 12% of its value over the last seven days until press time, data from CoinMarketCap revealed.


Read Shiba Inu’s [SHIB] Price Prediction 2023-24


Furthermore, data from Shibburn showed that SHIB’s burn rate has plummeted by almost 80% in the last 24 hours, with just 8.2 million tokens sent to dead wallets. A dip in burning activity is an alarming signal for a crypto asset and could cause further stress to the price of the second-largest meme coin.

Source: Shibburn

Whales shrug off Shibarium disappointment

The disappointment stemmed from the delay in the launch of the much-awaited layer-2 solution, Shibarium. Upon the announcement, the protocol created immense hype and there were speculations about it being rolled out by 14 February.

As it pans out, the launch has clearly missed the above-mentioned date with no clarity in sight. The official Twitter handles associated with SHIB have provided no update on the progress since the start of February, with the last being an introductory blog about the network.

However, despite the uncertainty, large addresses continued to have their faith in the meme coin. According to data from WhaleStats, top Ethereum [ETH] whales held $650 million worth of SHIB tokens, placing it at the first position in their portfolios.

All quiet on SHIB’s trading front

Additionally, on-chain activity gave little confidence. The transaction volume decreased considerably in February 2023 while the daily active addresses have also descended after peaking on 4 February, as per data from Santiment. This suggested that trading activity for the coin has gone down.

The weighted sentiment was negative, which could have been fueled by uncertainty over Shibarium’s launch.

Source: Santiment


How much are 1,10,100 SHIBs worth today?


At press time, SHIB was down 0.55%. It broke past the indicated range on 4 February and retested the important level at $0.00001243, which has been flipped into support. With an absence of a Shibarium push, the coin could enter the range once again.

The Relative Strength Index (RSI) went below the neutral 50 mark, indicating that bears were back in business. The Awesome Oscillator (AO) indicated an increase in bearish sentiment as well.

Source: TradingView SHIB/USD

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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