• Whales have accumulated 10.25 trillion Shiba Inu tokens since last week as the price of SHIB continues to freefall.
• Shibarium gas fee token BONE is in freefall and drops to a yearly low.
• Unification xFund assures that the mainnet of Shibarium is in works and will be launched soon.
SHIB Price Freefall Continues
Whales have scooped up 10.25 trillion Shiba Inu tokens since last week as the popular canine coin, Shiba Inu (SHIB), forms a descending bearish flag pattern on weekly charts. At press time, SHIB trades at $0.00000904 with a 4.4% daily downturn, according to CoinGecko.
L2 Shibarium Gas Fee Token BONE Plunges
The bears are still holding their paws over the crypto markets, and L2 Shibarium gas fee token BONE has plummeted to a yearly low. Despite some significant advancement in Shibburn, BONE dropped by 10.9% in a week and trades at $0.809163 at press time, according to CoinMarketCap . Despite the heavy plunge last week and drop below two consecutive key support lines, BONE remains among TOP 100 Ethereum whales’ favorite cryptocurrencies acquired by them .
Developers Working On Mainnet Launch
Earlier today, Unification xFund assured the crypto community that the mainnet of Shibarium is in progress and will be launched soon giving more utility to SHIB besides being an ERC-20 on Ethereum (ETH). The Layer-2 solution for Shiba Inu will revolve around Bone ShibaSwap (BONE), its gas fee token of the mainnet which could possibly revive SHIB’s bearish market trend once released .
Retail Users Loading Up On SHIB
97% of retail users on Coinbase choose to load up on SHIB rather than sell it as all four on-chain signals for SHIB are currently recorded as bearish with only 14% of holders profiting from this price . This indicates that whales and many strong holders keep accumulating SHIB even amidst its current price dip .
The Japanese guard dog-themed token Shiba Inu has been one of the hardest hit coins in altcoin section due to Bitcoin’s recent freefall below $28000 range and its own plummeting prices leading whales towards accumulation mode while retail users look forward towards further utility from its Layer-2 scaling solution once released .