Cryptocurrencies Shibainu, Ethereum whales hold large amounts

1 year ago 86

Ethereum whale holds SHIB

Regarding the crypto asset (virtual currency) Shibainu (SHIB), it became clear that a whale (large holder) in the top 100 of Ethereum (ETH) holds a large amount.

Shibainu just announced the implementation plan of layer 2 “Shibarium” on the 15th. This may have affected the demand for SHIB.

According to WhaleStats data, SHIB has become the third-ranked asset in terms of wealth holdings on the Ethereum network. The top 100 Ethereum whales hold a total of 77 billion yen worth of SHIB tokens.

The top 100 #ETH whales are hodling

$598,700,498 $SHIB
$146,789,330 $BEST
$88,071,440 $LOCUS
$68,251,002 $MATIC
$57,041,590 $BIT
$55,585,443 $LINK
$53,258,916 $QNT
$50,897,471 $MANA

Whale leaderboard https://t.co/N5qqsCAH8j pic.twitter.com/KbgY1eThBt

— WhaleStats (tracking crypto whales) (@WhaleStats) January 18, 2023

The purpose of establishing Layer 2 “Shibarium”, which is scheduled to be implemented in the future, is to develop the metaverse (virtual space) and blockchain game applications. When the amount of L2 usage increases, a mechanism will be incorporated in which SHIB tokens will be burned (incinerated). The burn rate is undecided, but the decrease in supply is expected to put upward pressure on the SHIB token price.

Layer 2 is the “second layer” of the blockchain. Writing all transaction history to the main chain on Ethereum will increase the load, leading to a decrease in processing speed and soaring network fees. Therefore, we expect to reduce the load on the main chain and improve the processing speed by processing some transactions on the off-chain or side-chain.

Shibarium is Layer 2 dedicated to the SHIB ecosystem, but its native token will be BONE. Validators are limited to 100 and need to hold 10,000 native token BONE. Fees are paid in BONE, and validator rewards are given in BONE.

Adopting “Delegated Proof of Stake (dPOS)” as a consensus mechanism, BONE holders can also delegate to validators through staking and receive reward distribution.

Shibarium is integrated with the decentralized exchange Shibaswap, and if you make a market for SHIB or BONE on Shibaswap (provide liquidity), you will receive TREAT as a reward. TREAT will also be distributed as Shibarium validator rewards.

BONE is also used to vote on improvement proposals in the decentralized autonomous organization “Doggy DAO” managed by the Shibainu community. BONE will also be used as Shibarium’s governance token in the future, allowing BONE holders to participate in important decision-making regarding the development and operation of the Layer 2 network.

Relation:What is Shibainu (SHIB) Token Explanation of meme tokens listed on domestic exchanges

What is Shibainu (SHIB)?

Shibainu (SHIB) is a community-driven project focused on autonomous decentralized crypto assets. The Shiba Inu (SHIB) token was issued in July 2020 as a tribute to Dogecoin (DOGE), which was designed with the Japanese Shiba Inu motif.

In May 2021, half of the total supply was sent to the wallet address of Ethereum co-founder Vitalik Buterin. He burned 90% of it and donated 10%, or $60 million (6.6 billion yen), to charity, which resulted in Shibainu Token gaining popularity.

On November 30, 2022, the SHIB token was listed on the domestic virtual currency exchange BITPoint under the umbrella of Remixpoint Co., Ltd. SHIB’s token price has risen 27.4% over the past 30 days, with a market capitalization of 830 billion yen, making it the 15th largest cryptocurrency market.

Relation:Japan’s first! Notice of the start of handling “SHIB”