Where did the Shiba Inu go? Could his Layer 2 help him revive? – BeinCrypto France

Shiba’s price drops significantly. Yet the whales continue to appropriate his tokens. It would seem that the recent updates relating to its metaverse and its Layer 2 suggest a bright future for the token. Will that be enough to lift it?

Shiba Inu is certainly considered a token meme, but the improvements made to its ecosystem have earned it its place among the top crypto projects. Compared on the basis of their market capitalization, this one occupies the fifteenth position. It was, however, for a short time among the ten most important cryptos in the sector.

The combination of his metaverse project and his second layer solution, Shibarium, earn him the appreciation of his investors. Indeed, despite a price divided by four, data from Whalestats show that the appetite of whales is still present.

Evolution of the course of Shiba Inu since his ATH

A big bullish rally took Shiba’s price to a record high (ATH) at the end of last October. However, since then, its price has dropped drastically. Currently, he is only worth about a quarter of his HUD.

According to data from Coinmarketcap, it can be seen that Shiba Inu was trading at $0.00000769 as of September 30, 2021. In the space of just one month, this price has increased tenfold to $0.0000884.

It’s still far from a penny but it had made the SHIB holders happy. The October 27 ATH was quickly followed by a loss in value of almost half in one week. The price has since continued to weaken.

Year-to-date, the price of the token has now stabilized at around $0.000025. In the hope that the token will return to its peak, multiple technology initiatives have been taken on the Shiba Inu ecosystem.

Shiba Inu Shibarium: A Layer 2 Solution for Transaction Fees

As the fees on Ethereum continue to climb, the team behind Shiba Inu quickly agreed to develop a solution to circumvent this inconvenience. For this purpose, they built the Shibarium.

The reduction in transaction fees for users of the Shiba ecosystem is intended to make it more competitive. Thus, it intends to compete with other blockchain projects and wants to be an attractive pole for the development of NFT game applications and in its metaverse.

It is the Unification Foundation that works on the Shibarium Layer 2 project. Its native token BONE is the governance token of the Doggy DAO. The objective of using a token different from SHIB and LEASH is to stop the presence of whales. And to leave on fair grounds.

The Unification Foundation has just released new information about Shibarium Layer 2. In their article Medium, it is stated that Shibarium public testnet will soon be available with public beta.

Currently this is the second private Alpha TestNet and the roadmap does not state a date. It is only said that it will be the case in the next months.

After ShibaSwap, its decentralized exchange platform, Shiba Inu has in turn embarked on the metaverse. Its immersive universe is made up of 100,595 plots of land. These will be sold in three stages.

Fifteen plots have been set aside for those responsible for developing the project. And others have been locked down to serve as places of public access. They will be used for public traffic, for example.

For the rest, the minimum unit sale price will be between 0.2 and 1 ETH. The value of the land varies according to its positioning in one of the four districts. Ethereum is chosen as the exchange currency in order to support a drop in the price of Shiba Inu tokens. The team didn’t want to take the risk of using SHIBs.

A first part of 36,431 plots will be put up for sale at the very beginning. The plots of the other two phases have not yet been communicated, nor the tokens that will be used. However, the team assures that just like BONE, LEASH and SHIB will intervene in each of the phases.

Whales bail out their SHIB wallet

Despite the testnet announcement, the price of Shiba Inu has fallen nearly 5% over the past 24 hours. As the coin declines in value, some investors are taking the opportunity to buy into the dip.

For this purpose, WhaleStats tells us that SHIB tokens have featured in a ranking of the 10 most purchased tokens over the same period. The ETH wallet that includes the most holds tokens estimated at $13 billion.

Already, at the end of March, a whale had appropriated nearly 200 billion SHIB tokens for a total of $4.9 million. At class this weekit was discovered that if we put together the tokens of the first thousand ETH wallet whales, Shiba Inu would be at the top of the tokens owned.

The token supply keeps shrinking since partnering with NOWPayment for regular burning of SHIB tokens. This April 11, Shibburn pointed out that it destroyed nearly 260 million SHIBs in one day. But in the meantime, institutional investors continue to amass them.

Like any project worthy of its name, Shiba Inu seeks to impose itself and gives itself the means to achieve it. He wants to pass the milestone of the same token and deserve his place in the cryosphere. He seems to be off to a solid start, but he probably still has more to do.

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Where did the Shiba Inu go? Could his Layer 2 help him revive? – BeinCrypto France


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