The Shiba Inu is recovering after a few days of correction, leaving investors hungry for more. The movements of SHIB whales and the launch of ShibaSwap, Shibarium's crypto exchange, seem to have contributed to this recovery. All eyes are on the symbolic bar of $0.000025 per coin, hoping for its imminent crossing.
The Shiba Inu takes off with Shibarium: towards new heights?
Like Bitcoin (BTC), the Shiba Inu crypto is undergoing painful but saving corrections. Supported by a ShibArmy community determined to dethrone Dogecoin (DOGE), this memecoin regularly surprises its fans with spectacular rises. Always quick to revive the hope of its followers, the Shiba Inu has become a real phenomenon, even if it sometimes scares its investors.
ShibaSwap is more than just an exchange; it's the place where the spirit of our community meets innovation, where your community tokens not only exist but thrive. »
Excitement is palpable in the Shiba Inu ecosystem as popular cryptocurrency SHIB sees its price increase by over 8%, says Blockonomy. The reason for this surge? ShibaSwap, the decentralized exchange (DEX) associated with Shiba Inu, is migrating to Shibarium, the project's Layer 2 scaling solution.
This transition marks a major turning point for Shiba Inu. With ShibaSwap now operational on Shibarium, new horizons are opening up for project developers. This migration promises to strengthen the already vibrant Shiba Inu community.
One of the main benefits of this migration is its potential impact on the total trading volume on the L2 platform. An increase in trading volume could reduce the supply of SHIB crypto in circulation, which could support their value.
Additionally, ShibaSwap's recent update brings a host of new features to the platform, including a new dashboard, improved user experience, discovery charts for new and trending tokens, and a process simplified onboarding process for new tokens on the DEX.
With Shiba Inu's current price at $0.00002549, having crossed the crucial resistance point of $0.000023, the cryptocurrency could soon reach $0.00003. This advancement is supported by a confluence of fundamental factors, and the move from ShibaSwap to Shibarium could play a decisive role in the future of the Shiba Inu cryptocurrency.
Shiba Inu sharks and whales feast
Since June 2023, Shiba Inu sharks holding between 100,000 and 1 million SHIB have started accumulating the tokens, reports The Crypto Basic. Taking advantage of the significant drop in SHIB to $0.00000543, these addresses bought cheap and continued to accumulate until the new year. With the price rally in late February, this trend intensified, with addresses accumulating 10.61 billion tokens since March 1, bringing their total to 115.31 billion SHIB.
For their part, whales, holding at least 1 billion SHIB, missed the opportunity to accumulate during the previous year's decline. However, in late February, with prices rising, these addresses began accumulating, adding 4.25 trillion SHIB tokens to their wallets since March 1.
Together, these two cohorts of addresses have accumulated 4.356 trillion SHIB in just 11 weeks, demonstrating continued confidence in Shiba Inu despite the downturn, and confirming bullish price predictions for the cryptocurrency.
On-chain data provided by Santiment reveals this accumulation trend, demonstrating Shiba Inu investors' unwavering faith in the future of cryptocurrency. Shiba Inu sharks and whales are getting ready to feast.
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