The number of Shiba Inu tokens held by large investors, or “whales”, dropped significantly on March 11, the day of the eagerly awaited public beta launch of Shiberium, also known as PuppyNet.
Finally, after much anticipation, Shiba Inu lead developer Shibatoshi Kusama announced that the beta version of Shiberium is now available to the public. Kusama emphasized that a large, global and decentralized community requires a decentralized Layer 2 network.
Shiberium Early Beta Goes Live
The Shiberium Early Beta Test Is Live!
Today, more than ever, we see the need for a truly decentralized L2 network that powers a large, global, decentralized community of projects.
Read more: https://t.co/131BxiS4BS
– Shibarium Network (@ShibariumNet) March 11, 2023
Some 251 trillion SHIB, excluding dead addresses required to be burned, are currently held by the largest holders of Meme Coin. More than a quarter of the first batch of offerings and almost half of the total supply (not counting burn addresses) are now held by just 14 people who collectively hold the above figure.
40 wallets hold 122 trillion Shiba Inu tokens
Yet it is not so easy when the same amount has filled the wallets of smaller but still significant investors. Based on data from IntoTheBlock, this group currently consists of 40 addresses holding 12.35%, or approximately 122 trillion SHIB.
Notably, these investors had 123.16 trillion SHIB in their holdings at the end of last week before selling some of their holdings and buying back 10 trillion Shiba Inu tokens on March 11.
To facilitate the production and trading of digital assets in a secure and open environment, the Shiberium blockchain was developed. Its secondary purpose is to lay the foundation for building decentralized software (DApps).
hehehe 🤓#NOWNodes X #shiberium Roadmap – Phase 1 is active ⛓️
We will open a pre-release form so you can sign up for early access to Shiberium mainnet nodes (as soon as the project is launched by SHIB)❗️ https://t.co/lVyMqK6Geh
— NowNodes (@NOWNodes) March 11, 2023
The first phase of Nownodes’ Shiberium roadmap was also announced. On Twitter, the developer announced a pre-release form for Shiberium mainnet node access.
LESS WHEEL SCOOPING SHIB?
Meanwhile, many of SHIB’s biggest supporters (whales) have since abandoned the token in favor of alternative cryptocurrencies.
The data shows that SHIB whale holdings have decreased dramatically since November last year, suggesting that some of the coin’s highest holders have lost faith in its growth plans.
Image: Gipmex
At the time of writing, SHIB was trading at $0.00001008, having lost almost 10% of its value. Meme coin shed 0.2% in the past 24 hours, data from crypto market tracker CoinGecko shows.
Source: CoinGecko
In the last week of February 2023, Kusama unveiled the Join Shiberium portal, a means of entry for the community. The user interface of the beta version allows users to view data on the network, validators, and staking.
SHIB’s total market capitalization is currently $5.6 billion on the weekend chart Charts: TradingView.com Silicon Valley Bank collapse affected SHIB price
Nonetheless, the price of SHIB has not changed significantly as a result of the beta announcement. The fall of USDC after the Silicon Valley Bank bankruptcy that shook global financial markets is probably one of the culprits.
Meanwhile, the future value of the Shiba Inu has not yet been calculated. Market direction can be determined by whether the price level is held or whether it is broken.
A recovery could send SHIB price back to $0.0000130. Nevertheless, if the price fails to correct, it could decline towards $0.0000850.
Featured image from Hitechies
