SHIBA INU soared 32% - what's going on?
Shiba Inu Token (SHIB) has risen in the last 12 hours, setting a new three-week high above $0.000029
Feb 7, 2022
1 min read
Anna BakkerNews analyzer

Growth from the lows of the second half of Sunday has now exceeded 32%.

Shiba Inu could overtake Dogecoin again?

The token is growing thanks to corporate news about the preparation for testing of Shibarium, a proprietary second-level solution from the developers of the meme-coin, writes cryptor.

SHIB developers are trying to build an ecosystem around this asset. They have already launched the ShibaSwap decentralized exchange, staking capabilities and are now ready to release a second layer solution.

The advent of Shibarium will allow users not to pay high transaction fees. Due to the fact that SHIB is issued on the Ethereum blockchain, the cost of transferring a coin today is over $40.

SHIB may rise not only because of lower fees. The second level allows you to use SHIB as a gaming cryptocurrency. The blockchain game is also under development.

The largest investors positively assessed the test launch of Shibarium. Whalestats statistics show that the 1000 largest Ethereum wallets have brought the share of SHIB in portfolios to 15%.

On Friday, according to Etherscan, crypto whales purchased 63 billion Shiba Inu tokens, writes In just a few days of February, the whales bought up to $300 million worth of SHIB.

Large SHIB holders own 26% of the tokens, according to Whalestats. But due to the fact that addresses and companies associated with exchanges are not taken into account by the tracker, it is difficult to determine the true percentage of large owners in the network.

Every time the whales take control of an asset, its correction usually stops, as large owners are constantly accumulating cryptocurrency rather than selling it.

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