Ethereum whales continue to increase SHIB holdings while price is in range after the recent rise

According to WhaleStats, over the past 24 hours, the amount of Shiba Inu canine coin owned by the top 500 whales on the Ethereum chain has increased to $193 million worth of SHIB.

$193 Million in SHIB End up in Whales’ Wallets as They Increase Holdings

Compared to the $187,257,510 worth of Shiba Inu that the aforementioned group of whales had yesterday, on Aug. 16, overnight this amount first rose to $191.2 million and now has grown to a total of $193,310,168, according to a recently published tweet. Thus, the investors have increased the amount of SHIB they hold by $6 million in total. As for the top 100 ETH whales, they hold a little less Shiba Inu – $189,488,348 – and in their portfolio, the meme coin holds fourth place after USDC, USDT, and stETH. It has given up its number one position in its portfolio to these assets over the past few weeks. Now, Shiba Inu constitutes 5.91% of their crypto bags.

After rising over 36% on Aug. 14 and hitting $0.00001768, the second biggest canine crypto has been moving in a range, trading around the $0.00001610 zone, alternating between support and resistance. Earlier today, influencer David Gokhshtein, who is also a former U.S. congressional candidate and founder of Gokhshtein Media platform, tweeted that he expects Shiba Inu to make another move soon. In March this year, he announced that the coin may reach the $0.001 level, but he does not see it hitting $1.

Shibarium, Layer 2 blockchain leverages BONE as gas

The public beta of Shibarium, a Layer 2 (L2) scaling solution, is expected to launch in Q3 of 2022, which has raised anticipation in the Shiba Inu community. One of Ethereum’s most concerning issues is its high gas fees. Being an ERC-20 token, Shiba Inu is also affected by Ethereum network congestion and high gas costs.

Shibarium, a Layer 2 blockchain for Ethereum leveraging BONE as gas, will be the backbone of Shiba Inu projects that are in development and will offer scaling and low-cost solutions for a myriad of projects, according to Shiba Inu main developer Shytoshi Kusama.

Reducing transaction costs for participants in the Shiba Inu ecosystem will be one of its main objectives. Unification, which is responsible for Shibarium development, stated that transactions would be “approved in seconds for pennies.”

In recent information updates, Ethereum underlined that, in its bid to reduce gas fees, efforts are now being concentrated on scaling user activity at Layer 2. The upcoming Merge upgrade may not lower gas fees, contrary to what many people believe, the team stated. Likewise, it noted that transactions may not become “faster” after the Merge update. A transaction’s “speed” can be measured in a few ways, including time to be included in a block and time to finalization. It noted that both of these may change slightly on the network but not in a way that users would notice.

This is why many expect Shibarium to be a game changer for Shiba Inu, given that transactions might become much faster and cheaper. Shiba Inu forms a “bull pennant” According to the technical analysis provided by Bitrue exchange analysts, Shiba Inu may be forming a tight bull pennant for a possible breakout followed by parabolic upside moves. “The nearest target will be $0.00002050, although with parabolic moves price could breach any resistance as long as buying momentum persists,” it said alongside a chart. A bull pennant is a continuation pattern that is marked by a period of consolidation before the next upside move. At the time of publication, Shiba Inu was trading up 1.54% at $0.000016.

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