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The official Twitter account of the Shibarium network posted an update on the network. In particular, the tweet addresses the persistent speculations regarding the participation of additional tokens in the network.

According to the tweet from Shibarium, BONE will continue to be “the sole token” that can be used for transaction charges and other fees payable within the Shibarium ecosystem.

Updates From The Shibarium Team

The Shibarium team also thanked the community on Twitter for their enthusiasm and energy as the debut of Shibarium draws close. The team also states that the Shibarium is a core part of the community’s foundation: to innovate as Shiba Inu develops into an ecosystem.

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They advised the community to monitor official details through their social media and blog portals to get the correct information regarding the developments on the network instead of listening to gossip.

The Shiba Inu community has eagerly anticipated the debut of Shibarium. Leading Shiba Inu developer Shytoshi Kusama recently revealed that a meeting had been held with the Unification Foundation to finalize the launch of Shibarium.

Unification is the developer of the layer-2 scaling solution for the Shiba Inu and has previously stated that public beta testing for Shibarium will begin in the third quarter of 2022. Shibarium’s network code became available for public access on GitHub.

However, he didn’t mention any specific date for Shibarium’s launch. Kusama further mentioned that the programming team is handling the onboarding of users. According to him, the final process would happen sooner rather than later.

Ethereum Whales Keep Scooping Up SHIB

Meanwhile, on-chain analytics data firm, WhaleStats, has revealed that SHIB is one of the top ten smart contracts the 500 biggest Ethereum whales use. Often, whale actions determine SHIB’s price trend.

A spike in SHIB whale transactions often results in a drop in SHIB’s price. It means the whales are selling their SHIB tokens to realize some profits.

Large wallet investors usually sell huge volumes of SHIB tokens when the token hits its local peak after acquiring the token at a discount during its dips.

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.

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