Shibarium’s Launch Day Witnessed Shiba Inu Whales Dumping Trillions of Tokens.
The number of Shiba Inu tokens held by large investors, or “whales,” dropped significantly on March 11, the day of the beta launch of Shibarium, the decentralized Layer 2 network developed by Shiba Inu’s lead developer Shytoshi Kusama. Over a quarter of the first batch of offering and almost half of the total supply are currently held by just 14 people. 40 addresses hold nearly 122 trillion SHIB. However, some of the biggest backers of the meme coin have abandoned it for alternative cryptocurrencies. SHIB’s value has not changed appreciably as a result of the beta announcement, and the future value of Shiba Inu has not yet been calculated. Its direction may be determined by whether or not the price level is held or breaks down. A recovery could send the price of SHIB back up to $0.0000130, but if the price doesn’t recover, it might fall to $0.0000850.
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