By George Ward
Recent developments suggest that there has been remarkable progress in the Shibarium network, especially after the Shibarium testnet set new milestones for transactions. The Puppynet testnet achieved the milestone earlier this week, recording over 30 million transactions.
Forty-eight hours later, the network witnessed an additional half a million transactions. Then, it celebrated yet another significant milestone, surpassing 17 million registered wallets.
Kusama’s Post Inspires Hope
The crypto community, especially the SHIB community, was excited about Shibarium Beta, the recently released blog series by Shytoshi Kusama, the lead developer of the SHIB network. Kusama’s blog series “Worldpaper” provided updates regarding what’s new with the SHIB network, including new use cases.
Following the update, SHIB enthusiasts expressed optimism regarding the network’s prospects beyond being a meme-inspired blockchain. Many of them were also happy about the project’s new direction.
One of the highlights of Kusama’s blog series was the transformation of the SHIB.io website. The website has become a hub of invaluable knowledge, offering a captivating insight into SHIB’s applications.
Hence, enthusiasts and investors are attracted to the Shibarium project based on their comprehensive insights into the innovative ecosystem. They are confident it will begin a new era in digital finance.
Kusama’s Worldpaper series explains the blueprint for a decentralized world where he expects SHIB to reshape the global finance landscape. From its novel use cases to cutting-edge advancements, the blog series revealed every facet of SHIB’s potential meticulously, triggering a bout of enthusiasm and intrigue within the blockchain sphere.
In a related development, Canada’s eagerly anticipated annual crypto conferences, ETH Toronto and ETH Women, are around the corner. Attendees can look forward to several groundbreaking product launches, including those from SHIB Token.
Meanwhile, Shytoshi Kusama teased the unveiling of $TREAT, the highly anticipated fourth token within the Shiba Inu ecosystem. The Shiba Inu developer acknowledged the role of prominent players in the crypto space who have supported the dog-themed network.
He added that their roles had positioned Shiba Inu on par with prominent exchanges and projects. Following these developments, Kusama hinted at an upcoming AI-based live interview where he plans to answer questions from the crypto community and provide additional updates.
ETH Whales Acquire More SHIB Tokens Amid Shibarium Frenzy
As the Canadian event approaches, intriguing insights from blockchain data highlight a shift in whale activity. Notably, an ETH whale executed three transactions adding more than 4 billion tokens to their holdings in the last 24 hours.
These tokens are valued at about $32 million based on the current market price for SHIB. The recent purchases have made observers more curious and added excitement to the upcoming event.
Recent data released by EtherScan reveals that the whale’s significant accumulation of SHIB tokens now positions them among the top 30 Ethereum whales with the largest SHIB tokens.
Despite this remarkable acquisition, on-chain data indicate that SHIB’s price is still bearish. While the whale’s actions may have been outstanding, other market participants have adopted a more cautious approach toward the token.
The current market dynamics suggest a potential resurgence of bearish sentiment. Notably, $SHIB and $BONE tokens have declined by approximately 2-3% in large transaction volumes, suggesting a cautious behavior by the top 100 ETH whales holding the SHIB digital asset.
Actions by large-volume holders of any digital asset often serve as crucial market sentiment indicators and can influence the broader crypto market. According to CoinGecko, Shiba Inu trades at $0.00000775 and is up 0.5% in the last 24 hours.
Meanwhile, SHIB’s price broke through a consolidation phase last week after a strong bullish momentum. This pushed SHIB to reach a weekly high of $0.00000838, a noteworthy achievement for the SHIB army community.
The SHIB network continues to launch various projects to enable more use cases for the SHIB token and prove it is more than a meme-themed project.