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In anticipation of the Layer 2 protocol for Shiba Inu’s beta launch, some members of the SHIB army have chosen to increase their SHIB holdings. For example, Ali Needazar, a Twitter user, posted a screenshot of a recent Shiba Inu purchase.

The tweet claims that an unidentified person purchased 848,776,937 SHIB meme coins for a little over $9.2 million.

Meanwhile, Needazar acknowledged in the comments section that the purchase screenshot was his own. The purchase follows a recent announcement via Twitter of the impending Shibarium Beta launch.

Analysts expect a huge SHIB price surge following the launch of the Shibarium. The ShibaSwap Bone (BONE) token (one of the native tokens in the Shiba Inu ecosystem) will be used to pay transaction fees on the network.

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Earlier, an unidentified whale transferred 221.5 billion SHIB to the OKX crypto exchange, perhaps intending to sell them. However, on-chain data shows that Ethereum whales now control over 50.5 trillion SHIB tokens.

This represents 6.11 million six hundred thirty-one dollars or 16.18% of their portfolio.

BitGo Launches SHIB And DOGE Custody Services

In a related development, renowned cryptocurrency exchange BitGo recently launched hot wallets and custody services for its qualified investors for the two most widely used canine-themed crypto assets, DOGE and SHIB.

With this service, investors can transmit, receive or keep SHIB and DOGE on the platform’s hot and cold wallets. BitGo is a leading crypto exchange and custodian with headquarters in California, primarily serving institutional clients and businesses within the crypto industry.

One of their regular clients is Ripple Labs, which keeps its native tokens (XRP) in its custody wallets. Meanwhile, David Gokhshtein, the founder of Gokhshtein Media, recently stated that if SHIB trades at $0.01, he will deactivate his Twitter account.

Shiba Inu and Dogecoin supporter Gokhshtein recently intimated that he had been buying a lot of SHIB and asked his followers whether they were doing the same. The Gokhshtein Media’s creator previously declared that “he will be gone” if SHIB passes the $0.01 price milestone.

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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.