Whales swarm around Shiba Inu as the launch of the Shibarium mainnet draws near. According to data from IntoTheBlock, in only one day, transactions worth $100,000 from this investor group increased by more than 197%.
A sudden surge in such large-scale transactions raised questions about how it would affect the price of SHIB. Market watchers think this would encourage investors to be more optimistic, which might raise demand and drive up the price of the coin.
In terms of the most traded coins among the top 1,000 ETH whales, the well-known meme coin has remained the overall investor choice. This shows that despite a slowdown in cryptocurrency prices, “whales,” or wealthy investors, still have faith in SHIB.
Per earlier stats from IntoTheBlock, large-holder net flows, which represent changes in whales’ and investors’ positions over time, rose by a whopping 326% in a single week. Netflow spikes are an indicator of accumulations from whales or significant holders.
Not long ago, a brand-new whale became the 27th biggest SHIB holder after amassing a whopping 4.15 trillion Shiba Inu tokens. This monumental ascendence of SHIB Whales coincided with the anticipation for the imminent debut of the Shibarium Mainnet, which is scheduled for August 15th and 16th at the Blockchain Futurist Conference.
Shiba Inu Inches Closer To Mainnet Launch Of L-2
The Shiba Inu development team has taken every measure possible to maintain the buzz. For instance, they have promised strategic releases and updates to increase interest and confidence in the project. At the same time, they completely overhauled the official SHIB token website in order to incorporate additional project information, promote official partners, and showcase ecosystem initiatives.
Most importantly, the team announced the launch of the cross-chain bridge for the layer-2 scaling protocol, bringing Shibarium’s mainnet launch one step closer. The cross-chain protocol, per the documentation, will leverage the sidechains of the Ethereum network and the Shibarium PoS to handle transactions, resulting in faster transaction times and cost savings.
Content specialist Lucie Sasnikova previously teased that a brand-new feature was being developed that would vastly improve the layer-2 scalability protocol. At the time, Lucie claimed that the Shibarium bridge would transform the network and greatly improve its usefulness.
