Cetoex News – Users with a proven track record have been diverting funds in and out of the Shiba Inu ecosystem of late. Recently, on-chain data tracker Spot On Chain revealed that a ‘smart trader’ earned nearly $10 million in profit by trading SHIB.

Specifically, when SHIB was priced at $0.000000068 on Mar 15, 2021, the user was “visionary” to swap 19.2 ETH and other coins for 1.02 trillion SHIB. The participant sold SHIB whenever the price rose. He managed to cash out 10 billion tokens around an all-time high in October 2021. He then “stopped expanding” his SHIB position on March 29, 2022, when SHIB was trading with four ‘zeros’ at $0.000027. The trader then focused on “only clearing” SHIB to Coinbase, Crypto.com, and DEXes. According to Spot On Chain, The participant ended up making a profit of $9.66 million, fetching him an ROI of approximately 1.67k%.

Now, the ‘smart trader’ has started diverting funds from Shiba Inu towards other assets like Ethereum and Tether. According to Spot on Chain, the user has been “subtly exchanging 75.4B SHIB to ETH and USDT at $0.00000712 ($537K) on average over the past 16 days.” As illustrated in the chart below, Shiba Inu’s price has noted a downward deviation every time the trader has exchanged his tokens.

What are other SHIB participants upto?

Other large participants have also started getting into action. The transaction curve that had been on a downtrend over the past few weeks has finally changed its course and has now initiated an uptick, bringing to light the refining participation of SHIB whales. Just over the past day, the number has noted a 2x rise from 10 to 20.

Alongside, it is also interesting to note that Shiba Inu currently ranks 1/4481 on LunarCrush. On the social volume and social score front, it stands at the 13th and 6th position respectively. Just over the past 24-hours, Shiba Inu registered a social volume of 13,100, while its Social engagements hovered around 193,858,991.

Thus, with fund shufflings taking place, and community sentiment improving, the next few days can be expected to be volatile for Shiba Inu.

NEWS BY – CETOEX NEWS

Cetoex News – Shiba Inu has established itself as a well-known meme-inspired cryptocurrency. It has even secured a place among the top 20 cryptocurrencies by market capitalization. The SHIB development team has demonstrated a steady commitment to improving the meme coin through various initiatives, developments, collaborations, and listings. According to the latest details, a popular Indian exchange could potentially list the Shiba Inu ecosystem token, “BONE.” Flitpay, an Indian cryptocurrency exchange, recently tweeted asking the community to vote on a poll on which coins to list next.

Two competitors in the poll were REEF and BONE. The current votes show that BONE will be the one to win, as it stands tall with 57.1% of the vote as opposed to 42.9% of that of REEF.

The stronger presence of the Shiba Inu army on Twitter can likely make BONE the easy winner. This could see the Shiba Inu Ecosystem Token enter the Indian cryptocurrency market through this exchange.

Shiba Inu burn rate fails to shine

Shiba Inu’s burn rate has been famous for its irregular nature and for proving time and time again that it is true. According to the latest details from Shibburn, the burn rate of SHIB has dropped by 90.49% in the last 24 hours. Only 1.25 million SHIB were sent to dead wallets during this period.

Since the days of burning billions, the burn rate has dropped to just a million. However, the launch of Shibarium is anticipated to change the burn game.

NEWS BY – CETOEX NEWS

Cetoex News – Shiba Inu (SHIB) lead developer Shytoshi Kusama has mentioned that the project’s layer-2 network, Shibarium, could see the light of day in two or four months. The revelation is a sigh of relief for fans and users, as the launch has seen several delays since its announcement.

Kusama said that the current priority for the Shiabrium network is to build systems. Kusama revealed that he might wear the “systems designer” hat next. Systems design would include things like “ticket system, support, onboarding,” the developer said.

Furthermore, Kusama also revealed that the team is working on UI (user interface) for some “secret projects.” Additionally, there are some surprises to help businesses that do not fully understand the metaverse.

Shiba Inu’s (SHIB) Shibarium network was originally planned for a 2022 release. However, the launch was postponed several times due to development issues. However, upon the launch of the beta testnet in March, fans were convinced that the mainnet would soon follow. As per Kusama’s words, Shibarium could launch sometime between June and August.

Shiba Inu’s Shibarium stress test

The testnet for Shibarium recently witnessed an 86% spike in the number of wallet addresses. A member of Shib Pixel Pups has revealed that the spike was due to a script designed to stress test the network. The script created over 9.5 million wallets on Puppynet and executed over 3 million transactions on the beta network. The total number of addresses has since crossed 13 million.

The user also revealed that they created about 1,620 tokens on the beta testnet, which include Shib Pixel Pups DAO (SPPDAO) and Shib Pixel Pups Token (SPPX). The script was aimed at testing the scalability and efficiency of the blockchain.

With Shibarium now right around the corner, there is a possibility of a spike in Shiba Inu (SHIB) prices. SHIB currently faces resistance at $0.00001173, with support at $0.00001124.

At press time, SHIB was trading at $0.00001167, up by 1.2% in the last 24 hours.

NEWS BY – CETOEX NEWS

Cetoex News – Shiba Inu’s (SHIB) layer-2 network, Shibarium, is one of the most highly anticipated launches this year. According to a message posted on Shibarium’s Telegram channel, the official documentation for the upcoming layer-2 network is complete. The message also said that the team will try and release “more things than docs if possible.” It was mentioned that he developers are checking if everything is working smoothly and hence the delay.

SHIB supporters will be able to put up test nodes once the documentation is published. Also, the documents will provide information on Shibarium’s operations, gas operability, delegators, validators, etc. Shibarium is expected to allow faster transactions and make them less expensive. Shiba Inu burns will occur with each transfer on Shibarium, according to Shytoshi Kusama, who goes by the nickname Shytoshi.

The launch will also mean that SHIB will have its own network, and will no longer depend on the Ethereum (ETH) blockchain. SHIB will cease to be an ERC-20 token.

Will Shiba Inu postpone Shibarium any further?

The documents for Shiba Inu’s Shiabrium network were supposed to be released a year ago. However, technical delays within the project meant that the date kept getting pushed back. The delays have caused quite a stir in the community, who are now accustomed to hearing “very soon.” However, since the testnet went live on March 11, the final launch could be on the horizon.

Nonetheless, the testnet launch did not go as smoothly as many expected. The project was accused of stealing the code from the Rinia project, as they shared the same Chain ID. However, Rinia’s testnet developer has come forward and said that the Shibarium team did not steal anything, and all his code is open-source. The developer’s only complaint was that the Shibarium team continued to use the same Chain ID, which was in honor of his late grandmother.

At press time, Shiba Inu was trading at $0.00001081, down by 0.8% in the last 24 hours.

NEWS BY – CETOEX NEWS

Cetoex News – Shiba Inu has emerged as one of the most prominent meme coins. What made the meme coin exceptional among the lot were the various developments and projects. The Shiba Inu team launched several projects in 2022, including the Shiba Eternity game and the SHIB metaverse.

However, one of the most prominent and much-awaited launches was Shibarium. Even though it was initially set to be launched in 2022, it dragged on for various reasons. Perhaps Shytoshi Kusama, the lead developer of Shiba Inu, has brought some good news to the SHIB community.

According to the details from Kusama’s recent blog post, the Shibarium public beta is now live.

Shibarium public beta is now live

Kusama mentions Shibarium as an opportunity that can change the outdated systems and methods of control that are harming the Shiba Inu community. The decentralized L2 network called Shibarium is beginning its early beta test.

The early beta test is called PUPPYNET and will allow anyone to build dApps, integrate into IRL businesses, and power projects with it. The community can access the beta from the official website.

Kusama also highlighted a few key points to remember before beginning the whole beta process. Shibarium is expected to ramp up the burn process, and Kusama mentioned that SHIB burns will primarily depend on the transactions in the network.

Shiba Inu’s lead developer also urged users to DYOR and warned that all tokens on PUPPYNET are not real. The price of Shiba Inu hasn’t been significantly affected following the announcement. The meme coin is up by 0.94% and is trading at 0.00001026 at press time.

NEWS BY – CETOEX NEWS

Cetoex News – Shiba Inu’s Shibarium is a widely anticipated launch. Not just the SHIB Army, but now, the entire cryptocurrency community is also looking forward to this launch. The rollout of the Layer-2 upgrade has been constantly delayed throughout the last year. However, the network recently revealed that Shibarium’s beta version “is about to be launched.” This could be sooner than expected as Shiba Inu’s lead developer changed his Twitter bio with a cryptic message.

Shytoshi Kusama, the lead developer at the Shiba Inu ecosystem has remained rather low-key throughout the last couple of months. However, earlier today, Kusama changed his Twitter bio creating quite a buzz among the community.

“tending the Pine Tree of Life. Quickly learning to play the flute before putting Shibarium in a heart-shaped box with a bow.”

Kusama has repeatedly shown his preference for Japanese art. As a result, given that he mentions the flute, which is used in an Eastern ceremonial of gift-giving, this message may be strongly tied to either China or Japan.

However, the developer also mentioned how he intends to put “Shibarium in a heart-shaped box with a bow.” This could mean that the Layer-2 update could be launched on February 14, which is Valentine’s Day.

Will Shiba Inu be able to maintain its ongoing rally till Valentine’s Day?

Shiba Inu has been one of the top-performing assets throughout the week. With an 18.16% weekly surge, the community hopes to see the persistence of this trend. However, this rally was interrupted yesterday following an 11% drop. Despite this, the meme coin was back in action with a 2.47% daily surge. At press time, SHIB was trading for $0.0000114.

In the meantime, new holders were entering the Shiba Inu ecosystem ahead of Shibarium. Shibaraium is expected to bring about significant changes to the network. Elaborating on the same, the network previously stated,

“This layer aims, as a protocol, to work on top of existing blockchain networks, allowing for faster, cheaper, and more private transactions to be processed off-chain, while still relying on the security of the underlying blockchain.”

The total addresses in the network were on the verge of hitting an all-time high. The current holder count of SHIB is 1,284,449.

NEWS BY – CETOEX NEWS