According to data from WhaleStats, SHIB has once again become the most frequently purchased altcoin by ETH whales. The average amount held by these large holders is 505 billion SHIB, which represents 16.87% of the total value held by these investors. As a result, SHIB has become the third largest asset held by Ethereum’s top investors, after ETH and USDT stablecoin.
In terms of overall accumulation, SHIB remains a leading token. However, trading activity has seen a decline in market share, with Curve Finance’s token, CRV, emerging as the preferred choice for top ETH holders. CRV has now become the most traded token among these major market participants, surpassing SHIB’s previous position as the leader in this regard.
However, this has not prevented the altcoin meme from rising, trading positively on January 17, and whale purchases may encourage this rise. So it’s important to understand what’s behind this rise.
Shibarium
Shibarium is one of the most anticipated updates for the Shiba Inu community and could be one of the catalysts for the rise of the whales. The new feature is Layer 2, which will mark the evolution of the SHIB ecosystem.
Currently, Shiba Inu is on the Ethereum network, which means the altcoin is subject to the limitations of the leading smart contract platform, including slow transactions and high gas fees.
To ensure that Shiba Inu holders no longer have to deal with these issues, Shibarium is being developed and will bring more scalability to SHIB transfers and security to the decentralized financial space and a broader development framework.
In addition, with Shibarium, Shiba Inu can expand its presence in the non-fungible token (NFT), metaverse, and other Web3-related innovations. As a result, Shiba Inu can become even more attractive to investors still entering the crypto-currency market. More token burning and whale accumulation is expected.
However, it is essential to note that SHIB will not be the altcoin used in Shibarium. As an example, at Polygon, the native token MATIC is used to pay for layer 2 network fees, while in the scalability solution developed by the Shiba Inu team, the native token selected to pay for gas transactions and reward validators and delegates will be BONE.
In short, BONE is a governance token that allows its holders to vote on proposals from the Doggy DAO, a decentralized organization controlled by the Shiba Inu community. In addition, BONE is intended to be the governance token of Shibarium, allowing its holders to make important decisions about the development and operation of the Layer 2 network.
