Shiba Inu layer-2 scaling solution Shibarium’s public beta is live in testnet form, dubbed puppynet. 

When Shibarium beta test is complete, the platform will open the ecosystem to custom tokens that can be traded using BONE to pay gas fees. 

Shiba Inu price made a comeback above the $0.00001034 level since lead developer Shytoshi Kusama’s announcement. 

Shytoshi Kusama, the lead developer of the second largest meme coin by market capitalization announced the launch of the public beta of the layer-2 scaling solution. Shiba Inu price started a recovery post the announcement of Shibarium’s launch. 

Shiba Inu scaling solution Shibarium public beta is live

Shiba Inu community’s long-awaited layer-2 scaling solution Shibarium’s public beta is live now. Lead developer Shytoshi Kusama announced the launch of the testnet for early users. 

The early beta testnet is called the puppynet and Kusama describes the scaling solution as a layer-2 blockchain that allows anyone to build dApps, integrate into in-real life businesses, and power projects with it. Shibarium is low cost, burns SHIB in the process, and is being adjusted as the beta test continues over the next few months.

Kusama shared a few key pointers with the SHIB army in the official blog post. Since SHIB token burn depends on the transactions in the network, the community can refer to the burnt SHIB chart on the burn portal. This is a part of the beta test for the scaling solution. 

All tokens on puppynet are NOT REAL. Kusama warned users against using their Shiba inu on the tokens. Since projects can apply to be part of the testnet, the lead developer was candid in stating that many projects may not survive and users should Do Your Own Research (DYOR). 

Shibarium testenet launch: Will it catalyze SHIB recovery or is it a sell-the-news event?

Following the announcement of the public beta, Shiba Inu price made a comeback above the $0.00001034 level, wiping out its recent losses. The meme coin has bullish potential and SHIB could begin its recovery. However, there are a large number of factors influencing crypto prices and sentiment among holders, including but not limited to the Silicon Valley Bank collapse, Silvergate FUD and inflationary pressures. 

#SHIB #shibainu #shibarium #shibarmy #koinmilyoner

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 Shibarium, also known as PuppyNet.

Finally, after much anticipation, Shiba Inu’s lead developer Shytoshi Kusama announced that the beta version of Shibarium is now available to the public. Kusama asserted that a massive, global, and decentralized community needed a decentralized Layer 2 network.

Some 251 trillion SHIB, excluding the dead address required for burning, are currently held by the biggest holders of the meme coin. More than a quarter of the first batch of offering and almost half of the total supply (not counting the burn address) are now held by just 14 people, who collectively possess the abovementioned figure.

40 Wallets Hold 122 Trillion Shiba Inu Tokens

Yet it’s not quite so easy when the same amount has also filled the purses of slightly smaller but nonetheless significant investors. Based on data by IntoTheBlock, there are currently 40 addresses holding 12.35%, or nearly 122 trillion SHIB, in this group.

Notably, these investors had 123.16 trillion SHIB in their holdings as of the end of the previous week before selling off some of their holdings and buying back 10 trillion Shiba Inu tokens on March 11.

To facilitate the generation and trading of digital assets in a safe and open environment, the Shibarium blockchain was developed. It’s secondary purpose is to lay the groundwork for creating decentralized software (dapps).

The first step of NOWNodes’ Shibarium Roadmap was also announced. On Twitter, the developer announced a pre-release form for Shibarium Mainnet node access.

Lesser Whales Scooping SHIB?

Meanwhile, several of the SHIB’s biggest backers (whales) have since abandoned the token in favor of alternative cryptocurrencies.

Data shows that SHIB whale holdings have decreased dramatically since November last year, suggesting that some of the highest holders of the token have lost faith in its growth plans.

At the time of writing, SHIB was trading at $0.00001008, losing nearly 10% of its value. The meme coin shed 0.2% in the last 24 hours, data from crypto market tracker Coingecko shows.

#SHIB #shibainu #shibarium #shibarmy #koinmilyoner

The moment that the many fans of the highly popular meme-based cryptocurrency Shiba Inu ($SHIB) had been eagerly waiting for finally arrived yesterday (March 11).

Here is what Binance Academy says about Shiba Inu ($SHIB):

“Shiba Inu (SHIB) is a dog-themed meme cryptocurrency named after a Japanese dog breed. It was created in 2020 by an anonymous developer named Ryoshi, who designed SHIB to be an alternative to Dogecoin (DOGE) on the Ethereum blockchain.

“SHIB is an ERC-20 token with a decentralized exchange called ShibaSwap. The SHIB roadmap and ecosystem also features an NFT art incubator called Shiba Artist Incubator, 10,000 ‘Shiboshi’ NFTs, and an NFT game Shiboshi Game.

“Shiba Inu had an initial circulating supply of 1 quadrillion tokens. Ryoshi locked 50% of the token in Uniswap to create liquidity and sent the other 50% to Ethereum co-founder Vitalik Buterin’s wallet. However, Vitalik decided to burn 90% of the coins and donate the remaining 10% to charity.“

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.

In a blog post published on Saturday (March 11), Shytoshi Kusama, the pseudonymous lead developer of the Shiba Inu project, announced the launch of PUPPYNET, which is what the Shibarium team is calling “the EARLY Beta Test of the Shibarium Network.”

Kusama wrote:

“Shibarium is a layer 2 blockchain that allows anyone to build DAPPS, integrate into IRL businesses, and power projects with it. It is low cost, burns Shib in the process, and is being adjusted as the beta test continues over the next few months.“

Anyone can play with this early public beta of Shibarium by visiting a new website that has been set up for this purpose.

And right at the end of his blog post, Kusama explained why the Shiba Inu team finds it ridiculous that some people seem to believe that Ryoshi, the pseudonymous founder of Shiba Inu, is SBF.

As of 11:02 a.m. UTC on March 12, $SHIB is trading around $0.0000103 (up 1.37% in the past 24-hour period), which gives it a reported market cap of $6.05 billion, making it the 14th most valuable cryptocurrency by market cap.

#SHIB #crypto2023 #shibarium #shibarmy #koinmilyoner

The lead developer of Shiba Inu (SHIB) is denouncing the spread of fear, doubt, and uncertainty (FUD) as the crypto project launches the testnet of Shibarium, its new layer-2 project.

In a new blog post, pseudonymous SHIB developer Shytoshi Kusama aims to debunk a rumor allegedly started by a competitor that Shiba Inu creator Ryoshi is in fact Sam Bankman-Fried, the disgraced founder of bankrupt crypto exchange FTX.

Citing two pieces of “meme evidence” – his love of professional wrestling and his disdain for centralized exchange networks – Shytoshi says it’s not possible for Ryoshi to be Bankman-Fried.

“The biggest FUD and FUDDER goes to a dude making a competing product trying to convince you that [Sam Bankman-Fried] is Ryoshi. Now that the team, and everyone that ever saw Ryoshi post is done laughing, let’s give two pieces of meme evidence that this is not the case.

Ryoshi was a big fan of wrestling. WWF wrestling to be specific. He chose Gifs of people like Macho Man Randy Savage and Ric Flair! At one point we even considered getting Ric Flair for a Shib commercial. [Bankman-Fried] wasn’t even BORN at this time. So how could he even know how to step into a Slim Jim? More importantly, Ryoshi, as seen in his posts, was NOT a fan of centralized exchanges (CEX) and would NEVER have run one himself. Do better fudders, do better.

So, as we continue forward, and our former, and new frens attempt to attack the army, produce new FUD, and even YOUR projects… stay strong. We are building for a better future. WOO!”

The highly anticipated Shibarium project launched in its beta form last week. Its testnet, called “Puppynet,” does not support real crypto tokens yet, but the development team says once the beta is finished, the platform will create a new ecosystem where tokens can be swapped using the digital asset ShibaSwap (BONE) to pay for gas fees.

SHIB is moving for $0.000011 at time of writing, a 2% gain on the day.

#SHIB #bone #shibarium #shibainu #koinmilyoner

Shiba Inu is among the tokens that use a burning mechanism. It has continually burnt millions of SHIBs to balance its demand and supply, sometimes pushing the price slightly. The network removed 490 million SHIBs in one day in this latest burn.

One of the ways of improving token value is by reducing its supply. The crypto industry uses the burning mechanism to execute the process. This mechanism enables tokens with uncapped supply to reduce the circulating amount in the market, thereby preventing over-saturation and price crashes. 

490 Million Shiba Inu Tokens Removed From The Market 

In the latest report by Shibburn.com, Shib developers removed 489,895,235 permanently from circulation. The SHIB burn tracker disclosed that the burning occurred in 24 hours through eight separate transactions. 

Among the eight transactions, a “Shib Inu: Deployer2” wallet burnt the highest number by sending 485,682,280 SHIB to the Shiba Inu burn address in a single transaction.  

Notably, the total Shiba Inu burn rate decreased by 71.28% from the previous day’s burn. According to the burn tracker, the previous day’s transactions involved 58 transfers to the burn wallet, destroying 2,204,313,475 SHIB tokens. 

Due to the address that burned the massive number of tokens, the community has linked it to the upcoming Shibarium Public Beta. Notably, the address is a SHIB contract deployer.

But while the burn continues, some notable SHIB token purchases confirm the interest in the Shibarium release. Top whales, including “BlueWhale0073” and others, have accumulated almost 215 billion tokens in 10 days. The report disclosed that these Ethereum investors consider SHIB’s price at $0.00001034 the best time to accumulate the tokens.

BlueWhale0073 alone purchased a whopping 215,815,570 539 SHIBs worth $2,209,951 from an unidentified address that paid $33.46 in nominal fees. 

Shibarium And The Latest Updates

The Shibarium launch has created an unending buzz in the crypto community. Shiba Inu community anticipates several benefits from the new project. The project aims to become a decentralized hub for SHIB holders to trade the tokens and earn rewards without centralized exchanges. 

Moreover, the platform promises fast, low-cost transactions on SHIB and other tokens. It also aims to correct the issues such as high fees and slow transaction speeds that permeate other DEXs, thereby ensuring a seamless trading experience.

Most importantly, the new project should increase the SHIB token value as it will create new use cases. Notably, the demand will spike as its utility increases, potentially boosting the price. The team has announced that the public beta will go live this week, and the community gladly awaits D-Day. 

The project is already increasing Shiba Inu adoption as many firms are integrating it for payments. Xeni, a travel booking platform, and BitPay have partnered and will use SHIB and other cryptos as payment. Also, NOWNodes, a blockchain node infrastructure provider, announced its plans to integrate Shibarium. 

#SHIB #shibarium #koinmilyoner #crypto2023 #buildtogether

Shibarium’s Puppynet beta testnet has seemingly captivated the community behind the meme-inspired cryptocurrency Shiba Inu ($SHIB), registering over 550,000 wallet addresses and processing in excess of 2.5 million transactions within a mere three weeks since its inception, according to blockchain data.

At the time of writing, blockchain data shows that around 2.7 million transactions have been processed, while 568,400 wallets have been created on the blockchain. The layer-2 network has seen these transactions get included in over 330,000 blocks, with an average block time of six seconds.

The network reached a new milestone on April 11, after recording a total of 890,000 transactions in a single day, up from around 480,000 transactions on April 10. Before the surge, daily transactions on the network were anywhere between 1,000 and 14,000.

Crypto influencer Lucie has also pointed out that Shibarium’s testnet has already seen developers launch 71 tokens on top of it. Shibarium-related social media platforms have also seen significant rises in activity, with its Discord server seeing over 100,000 messages exchanged since launch.

As CryptoGlobe reported Bone ShibaSwap ($BONE), one of the three main tokens within the Shiba Inu ($SHIB) ecosystem, has seen a significant surge in large transactions as Shibarium’s testnet, Puppynet, continues to experience growth.

According to data from on-chain analytics firm IntoTheBlock, the total volume of large transactions involving BONE increased from 119,360 to 377,960, representing a rise from $127,800 to $402,000.

As CryptoGlobe reported, this year BONE saw its price explode in a move that helped it become one of the top 100 cryptocurrencies by market capitalization.

The token is known to be central to the ecosystem’s decentralized exchange ShibaSwap, and according to Coinbase, it’s a “governance token that aims to allow the Shiba users to vote on the upcoming proposal on Doggy DAO,” which is the ShibaSwap platform’s decentralized autonomous organization.

BONE is also central to Shibarium, as the team behind the platform has confirmed that every transaction on it will require BONE to pay for gas fees, and will burn SHIB to make the latter more scarce.

#SHIB #bone #Binance #shibarium #BTC

While another breakout attempt for Shiba Inu (SHIB) from the current consolidation pattern failed with yesterday’s daily close on the 1-day chart, the price is still in prime position to complete a breakout by the end of April. As NewsBTC first reported last week, the SHIB price has formed an ascending triangle on the 1-day chart ever since March 10.

The ascending triangle is one of the consolidation patterns, which signals that the previous trend direction will resume when the pattern finds its confirmation. The Shiba Inu price is currently showing strong signs that the consolidation phase is about to end, while the upward trend that started in January may resume.

Shiba Inu Price Primed For Another Breakout Attempt?

A look at the 1-day chart shows that despite a strong start to the day, Shiba Inu failed to close above the $0.00001151 resistance line yesterday. Towards the end of the day, SHIB ran out of steam, in line with the Bitcoin price pullback.

This caused the SHIB price to fall once again into the ascending triangle pattern. As NewsBTC discussed, high trading volume is required for a clean breakout. If the breakout takes place on low volume, as it did yesterday, it is usually a false signal.

At the time of writing, SHIB was trading at $0.00001153, starting yet another breakout attempt. Shiba Inu investors should look out for a significant increase in volume for confirmation of the move.

If SHIB can close above the $0.00001151 resistance today and turn it into support, it could mean that the local high at $0.00001591 from early February is the next likely price target (+38%). At this level, more selling pressure can be expected in the short term.

However, if this price level is also broken, the higher high would fully confirm Shiba Inu’s uptrend. After a two-month consolidation, a rise of more than 55% to the local high of August 14, 2022 at $0.00001787 would thus be a second target price.

Altcoin Season May Boost SHIB

The decisive push above the resistance line could be provided by an altcoin season, which according to some experts is just around the corner. Glassnode co-founders Jan Happel and Yann Allemann write in their latest newsletter:

Currently, altcoins are exposed to bitcoin pull-backs – like the one we saw today – given its dominance according to the Altcoin Cycle Signal. The tides are shifting toward ethereum.

Accordingly, the typical shift from Bitcoin to Ethereum to altcoins like Shiba Inu could be imminent. As analyst Scott Melker recently discussed, the Bitcoin Dominance (BTC.D) is at the upper end of a multi-year range. The last few days have already seen the first drop in BTC.D, which could mark the beginning of an altcoin season.

#SHIB #shibarium #crypto2023 #Binance #BullRun

Shiba Inu price sees burn rate jump 30,940%.

SHIB gets support from podcaster David Gokhshtein as a long-term investment.

Expect these two elements to create a tailwind that lifts SHIB above $01.00001150.

Shiba Inu (SHIB) price is getting some support from two different angles as SHIB gears up for a firm rally higher. The first element comes from podcaster David Gokhshtein, who recently became a big fan of PEPE but nonetheless has commented that SHIB will remain his favored position for the long run. Add to that a burn rate of 30,940% or 2,254,093,318 SHIB tokens being burned, and you get less supply. The lower supply meshes nicely with David Gokhshtein’s sign of approval that might trigger a pickup in demand, resulting in a 15% jump.

Shiba Inu price to fly higher with a boost of confidence

Shiba Inu price sees trading conditions falling in its favor as two elements at work will see SHIB popping higher. Crypto podcaster David Gokhshtein came out with a tweet saying “Looking at the data, people have been swapping their SHIB positions into PEPE. I still like SHIB long term”. The comment came after on-chain analytics revealed a vast amount of swapping into PEPE under fear of missing out. 

SHIB, meanwhile, has seen the liquidation of over 2 billion tokens in a burn operation, which has drained the liquidity a bit. More demand while liquidity is lower though is always a good recipe for bullish price action, and Shiba Inu price needs to prepare for quite the pop. Once $0.00001050 has been broken and bulls can reclaim ground above the 200-day Simple Moving Average (SMA), it will be an easy street toward $0.00001150 and a break above the monthly R1 for a 15% gain.

Risk to the downside comes with the current decline that could squeeze out bulls and drop further. The line in the sand is $0.00000966, which already caught the falling knife back in March. Once that is broken, SHIB is set to tank further and will be heading toward $0.00000850 with instead a 15% loss on the books. 

#Binance #SHIB #shibainu #shibarium #crypto2023

In a recent update that took place over the weekend, Shytoshi Kusama, cofounder of the popular Shiba Inu meme token, has expressed concerns about rumored claims pertaining to an official token for the Shibarium layer 2 blockchain.

While the crypto market experiences a positive shift in sentiments due to Bitcoin’s recent rally, different altcoin narratives and unconfirmed rumors are seen to be pushed by rumor mongers and scammers who engage in these daily activities for selfish gains and attacks.

However, the Shib ecosystem continues to evolve in development and innovation within the meme crypto space, but the question remains, is there currently an official token for the Shibarium Layer 2 blockchain? Shytoshi Kusama has this to say.

Shytoshi Kusama on April 16 2023 made a disclaimer post on his Twitter handle stating that there is no official token tagged to the Shibarium L2 blockchain. The Shib cofounder also warned crypto investors who invest in meme coins to stay away from projects using his name to launch meme tokens in the markets for token sales as he is not a party to such acts and project launches.

While many meme token projects use names of popular crypto figures as an emotional and FOMO strategy to lure investors into token purchases, Shytoshi Kusama understands the risks attached to it and has come up with his two cents of advice; “Do your research and don’t get scammed.”

FOMO which is the “Fear of missing out” is an emotional trading component that can drive investors and traders to make investment decisions into digital assets based on trends, while undermining proper due diligence and research.

The crypto markets started trading on a rather negative note on Monday, 17th of April, 2023, as Bitcoin could not move past its  $30,400 resistance. Several altcoins and meme tokens including Shiba Inu, experienced price declines when Bitcoin’s price dropped to the $29,700 price level earlier today.

At the time of writing, Shib trades at $0.00001144, which is a 1.46% price reduction from its previous day’s gains. However, the popular dog meme token still has the potential for upside movements in the likelihood that Bitcoin is able to pick up and continue its euphoric rally as witnessed from the previous week.

Also, any key announcements such as one found in this Bloomberg report on the Shibarium layer 2 blockchain can also drive the price of the Shib token if there are any updates for the new week.

#SHIB #shibainu #shibarium #Binance #crypto2023

A leading social analytics platform for digital currencies, LunarCrush, has announced the addition of Shiba Inu (SHIB) to its trading platform.

The announcement comes as Shiba Inu continues to gain significant attention from the crypto community and investors worldwide due to its recent performance. The growing demand and high social engagements surrounding SHIB may have informed LunarCrush to add it. 

Shiba Inu Launched On LunarCrush

Introducing the SHIB coin on LunarCrush will enable users to transact the token with more than 1,400 digital assets on LunarCrush. At the time of writing, the token ranks #53 among 4,388 tokens on the trading platform.

Related Reading: Epic Games CEO Laughs Off ‘Death’ Of Metaverse, Says 600 Million To Attend Its ‘Wake’

Shiba Inu has seen a surge in popularity on social media platforms, particularly Twitter, where the SHIB community actively engages in discussions, shares updates, and expresses their sentiments about the digital asset. 

Notably, the token’s social activity over the last 24 hours records approximately 123.58 engagements and 33,800 mentions in the same period. These figures have brought the token to #7 among the platform’s top socially engaged and mentioned coins.

LunarCrush leverages advanced algorithms to analyze social media sentiment, market trends, and social engagements related to cryptocurrencies. It provides users with the necessary data to properly trade and invest in NFTs, crypto assets, and stocks.

In the past month, engagement with the token has risen to about 1.15 billion, with social mentions reaching up to 321,600 within the same time frame. These heights indicate the increasing interest of crypto users in the token.

So, integrating Shiba Inu into its platform will, in the same manner, provide its users with valuable insights and data-driven information on SHIB, empowering them to make more informed trading decisions.

SHIB Price Outlook Based On Technical Indicators

The SHIB token’s price holds at $0.00000886 at the time of writing, with a 24-hour decline of 0.36%. Its trading volume over the past day has surged by 39.33%, standing at over $155.1 million.

Shiba Inu price tanks on the chart l SHIBUSDT on Tradingview.com

According to Coincodex, the current sentiment of SHIB price is bearish. Only 2 technical analysis indicators signal a bullish move. Whereas 27 of them currently display a sell signal for the token.

Related Reading: Is PayPal Going All-In On Crypto? Balance Sheet Shows Nearly $1 Billion In Holding

Meanwhile, the price of SHIB fluctuates lower than the 200-day Simple Moving Average (SMA), signaling more sell pressure than buy.

Its price trades below the 50-day SMA, another indication of sell pressure. This indicator has been projecting a sell signal over the last 21 days.

From most indications, the price of SHIB may fall lower than its present price in the coming days. However, with future developments in the token’s ecosystem, the asset may see its price recover and surge in the coming months.

source: bitcoinist

image source: ai

#SHIB #shibainu #shibarium #shiba #dyor

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.