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 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

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

Shibburn reports that over 3.26 billion Shiba Inu tokens were burned in April 2023 across 125 transactions. These figures are lower than the total SHIB burns in March 2023, which was 6.78 billion SHIB tokens burned through 540 transactions.

The SHIB burn process involves sending Shiba Inu (SHIB) tokens to an address known as a “burn address.” This address is a designated address created to hold the tokens to be burned permanently.

The Shiba Inu community carried out these burn transactions to reduce the total supply of SHIB in circulation. Notably, a token’s scarcity sees demand higher than supply leading to a boost in price. Despite the high number of token burns, SHIB’s price is still declining.

Koyo Retains Top SHIB Burner Status From March 2023

Koyo (KYO) retains its top SHIB burner status for a second consecutive month burning a whopping 2.59 billion tokens. It burnt 6.15 billion SHIB tokens in March 2023 through multiple transactions.

The largest of its burn transactions in March was a transfer of 924.15 million SHIB to the dead wallet on March 17. Also, Koyo burned another 794.85 million tokens on March 28.

Koyo continued its aggressive burn rate in April 2023, sending 1.10 billion SHIB to the dead wallet on April 9. Also, Koyo followed up with another massive burn event on April 14, burning 1.49 billion SHIB tokens. 

The current price slump could be a temporary pullback due to the recent market downtrend. One thing that could change the trajectory of the price is the Shibarium upgrade, which is yet to be announced.

Shiba Archives said a top SHIB developer claimed the Shibarium upgrade would be here before May. However, the developer did not specify the year or give further information.

Notably, some SHIB community members reacted to the reduced burn rates in April 2023. A Twitter user, Macguy, stated that the developers don’t want to listen to the SHIB community‘s calls for more burns. He believes the burns are slow and dragged on purpose, announcing that he did his part by burning 10 million SHIB tokens. 

Shiba Inu Price Analysis

SHIB is in a downtrend today, dropping below its support level of $0.0000102. Also, it is trading below its 50-day and 200-day Simple Moving Averages (SMA), a bearish sentiment for the short and long term.

SHIB’s resistance levels are $0.0000118, $0.000012, and $0.0000113 as it is currently trading at $0.00000996. The Relative Strength Index (RSI) is at 36.26 and descending into the oversold region of 30. 

SHIB will likely experience further price decline in the coming days. However, the $0.00000973 support will prove critical and can act as a price pivot for a recovery.

#Binance #SHIB #shibainu #shibarium #shibarmy