Shiba Inu overtook Staked ether, or stETH for biggest holding by dollars among top 100 ETH whales, data from blockchain tracker service WhaleStats showed.
Additionally, the popular meme token is also the most traded coin.
Preference for SHIB by the biggest Ethereum whales coincides with the anticipated launch of Shibarium, the ecosystem’s proposed layer-2 chain aimed at addressing the low transaction speed of Shiba Inu’s host chain Ethereum.
Recently, the developers shared an update informing its community about its upcoming beta release of Shibarium.
In the announcement, SHIB developers provided information about layer-2 blockchains. Here they highlighted that project is being developed to provide a tool to allow the community to build and grow the project and fulfill its founder’s vision.
Although some people think developing Shibarium may raise the price of memecoins, the developers made it clear that this wasn’t their intended outcome. They wrote:
“Patience is key, and some see Shibarium as a price-pumping tool, but that is not the project’s focus and never has been.”
Instead, the developers stated that by lowering entry barriers for tiny transactions, enhancing speed, enabling the creation of decentralised applications, and incorporating nonfungible tokens, the new infrastructure update aims to “revolutionise the Shiba ecosystem.”
One of the most desired improvements for the project, a burning mechanism for SHIB, is a crucial update in the latest announcement.
Shiba Inu Ecosystem Would Receive Boost Due To This
The creators state that “all network transactions will have an implicit burn value for SHIB token.” Every time a transaction is carried out within the network, this method will take place.
Apart form that, upcoming layer 2 network Shibarium will soon join the league of Ethereum-based blockchains, such as Arbitum and Optimism, looking to solve the problems of scalability, speed and expense.
In the upcoming weeks, a beta testnet, or blockchain that replicates how the real world works, is expected to go live.
Shiba Inu, a memetoken that was created during the previous bull market and has since attempted to establish itself as a legitimate project with its own blockchain network and dApp ecosystem, may benefit from strong fundamentals as a result of the debut.
Further Shiba Inu’s three ecosystem tokens, SHIB, leash [LEASH], and bone [BONE], which collectively have a market capitalization of over $5 billion, might also stand to gain from the launch even more.