Ethereum (ETH) Whales Stockpile Shiba Inu (SHIB) As The Merge Happens

As the crypto world celebrates “The Merge”, many crypto enthusiasts and analysts believe that the Ethereum network’s switch to Proof of Stake (PoS) will have a positive impact on the global crypto market. The Merge is expected to be especially impactful for cryptocurrencies based on the Ethereum (ETH) blockchain.

According to WhaleStats, there has been increased whale activity surrounding top meme coin Shiba Inu (SHIB). Currently, the TOP 100 Ethereum whales are reported to be actively accumulating the Japanese dog-themed coin, amassing more than $153 million worth of Shiba Inu (SHIB) in their wallets.

The Merge’s Impact on the Shiba Inu (SHIB) Ecosystem

 The success of the Merge could positively influence Shiba Inu (SHIB) in a number of ways. The SHIB Army is patiently waiting for Shibarium, which is a Layer-2 upgrade to the Shiba Inu (SHIB) Ecosystem. Since it is based on Ethereum, the lower transaction fees engendered by the merge, as well as the network’s higher efficiency, with also benefit Shiba Inu.

Social influencer Lucie Sasinkova has emphasized the importance of ETH 2.0, referring to the second largest blockchain as “the land on which the #Shibarium is built”. The Shibarium, which will bring significantly more utility for the canine token, is scheduled to launch by the end of Q3, 2022.

The implementation of the Shibarium will also pave the way for the hugely anticipated SHIB: The Metaverse. Although no official release date has been announced, the Shiba Inu (SHIB) development team unveiled two of its upcoming HUBS. Since SHIB: The Metaverse is being built in partnership with The Third Floor (TTF), the Shiba Army are looking forward to Hollywood-level graphics with a touch of Zen.

Shiba Inu (SHIB) Enjoys Increased Burning Activity

Lately, Shiba Inu (SHIB) has seen increased burning activity, with many members of the SHIB Army electing to set their beloved meme tokens alight due to the improved reward system. Some are especially motivated by the fact that Shiba Inu (SHIB) will be more likely to wipe another zero the more $SHIB tokens are removed from its circulating supply.

According to Shibburn, more than $31 million Shiba Inu (SHIB) coins have been set ablaze in the past 24 hours. On top of that, Shibburn, the official bonfire of the Shiba Inu (SHIB) community, announced the upcoming release of iOS and Android versions. Shibburn has its own radio station, named Shibburn Radio, which is currently only available online. However, a separate app, as well as a dedicated studio in New York are listed among the development plans for Shibburn Radio.

On the Flipside

  • Despite successful launch of ‘The Merge‘, it has yet to reflect on Shiba Inu’s (SHIB) market price.
  • At press time, Shiba Inu (SHIB) trades at $0.00001205, according to CoinGecko.
  • The meme coin’s price denotes a slight 0.2% hourly decrease, with the canine coin standing 2.4% in the red over the last 24 hours.

Why You Should Care

Shiba Inu’s main rival, Dogecoin (DOGE), sent congratulations to Vitalik Buterin on the completion of The Merge. With the two meme coins neck and neck in the top 20 crypto rankings by market cap, the Merge could ignite a bull run the both dog-themed tokens.

Read more about the latest developments of Shiba Inu (SHIB):

Shiba Inu (SHIB) Presents Fireside Chats on Discord as SHIB Burn Rate Intensifies

Find out what’s happening with SHIB’s arch nemesis, Dogecoin (DOGE):

Musk Whistleblower Draft: Dogecoin (DOGE) Exclusive Cyberwhistle Sells Out in Minutes

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Tadas Klimasevskis is a reporter, focusing on the latest tendencies of the crypto galaxy. He spends his time digging deeper into specific areas like meme coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.