the cryptocurrency’s whales divest of more than 10 trillion $SHIB, as blockchain data shows that Shiba Inu whale balances have declined from 670.9 trillion to 660.9 trillion SHIB since Friday, a day before the crypto project started the early beta phase of the Shibarium network.
According to data from blockchain analytics firm IntoTheBlock first reported on by Daily Hodl, the number of Shiba Inu whale addresses has also decreased by 6.25% over the last few days. Despite the whale divestment, SHIB is up nearly 7% in the last 24-hour period, amid a wider cryptocurrency market recovery.
Shibarium is a layer 2 blockchain designed to address the shortcomings of the $SHIB token’s host chain Ethereum, namely low speed and high transaction cost.
Bone ShibaSwap ($BONE), according to the Shibarium team, is “the native token selected to pay for gas transactions and reward Validators and Delegators within the Shibarium protocol.” And fortunately for $SHIB HODLers, Shibarium burns $SHIB with every transaction, making $SHIB more scarce.
As CryptoGlobe reported, ahead of the launch of Shibarium the number of addresses on Ethereum holding onto SHIB rose past 1.3 million, and the median time that users on Coinbase hold onto the meme-inspired cryptocurrency before either selling it or moving it to an external address has surpassed the 230-day mark.
Less Shiba Inu under the control of a few whales means that the cryptocurrency is less susceptible to the moves of these whales, making it more decentralized. It also increases the liquidity of SHIB, as more traders may mean more trading volume.
Anyone can play with this early public beta of Shibarium by visiting a new website that has been set up for this purpose.
Featured Image via Unsplash
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