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Shiba Inu (SHIB) Price Gains Momentum, Here's Likely Reason for It

Mon, 02/20/2023 - 13:07
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Yuri Molchan
Shiba Inu price going up, here's what may have provoked this rise
Shiba Inu (SHIB) Price Gains Momentum, Here's Likely Reason for It
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The price of the prominent meme token Shiba Inu (SHIB) has been gaining momentum today, rising in a series of green hourly candles as it is trading on the Binance exchange against USDT.

The SHIB price has gone up by slightly over 3% â€” from $0.00001327 to the $0.00001367 level, where it is changing hands now. If the rise continues, we may see a breakout later this week.

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Image via TradingView

SHIB is rising on Shibarium news

As reported by U.Today earlier, the lead developer of Shiba Inu, the pseudonymous Shytoshi Kusama, has released a new article in a promised series of Medium articles about the Layer-2 solution called Shibarium.

In this blog post, he shared in detail how he came to the idea of creating the decentralized platform Shibarium that will expand the utility of SHIB, allowing faster and easier transactions, as well as letting developers build dApps on it and create smart contracts.

Kusama stressed that in 2022 he wanted to create a platform that would be different from other similar ones and also would be useful for various projects, not just crypto scammers.

According to the article, while working hard on Shibarium, Kusama faced significant damage to his mental health, and this drove him to take a spiritual retreat to recover.

Bone ShibaSwap (BONE) will be used as the key element on Shibarium as it will be a means of payment for transactions. Part of the transaction fees from every transfer will be converted into SHIB by the developer team and then moved to unspendable wallets, i.e., burned.

Earlier this year, Shytoshi Kusama confirmed that large burns will be conducted on Shibarium with trillions of SHIB to be removed from the circulating supply of the meme token.

The above-mentioned BONE token has also risen in price over the weekend, jumping by roughly 8%.

Related
Close to Hundred Million SHIB Burned Last Week, Shiba Inu Price Remains Green

SHIB returns as one of tokens most hunted for

WhaleStats on-chain wallet tracking platform has reported that whales have again started going after the SHIB meme token. It has been pushed into the list of the top 10 most purchased coins among the 100 largest whales on Ethereum.

Currently, Shiba Inu also sits in the position of the biggest token by U.S. dollar equivalent in the wallets of the aforementioned whales.

At press time, these wallets contain a total of $675,681,824 worth of Shiba Inu â€” that is, 49,609,531,864,904 Shiba Inu at the present SHIB/USD exchange rate â€” and constitutes 13.75% of their combined portfolio.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.