There’s been much hype around Shibarium since 2023 has started. It is a Layer 2 solution proposed by Ryoshi, the creator of Shiba Inu. Shytoshi Kusama – the lead developer and cofounder of the Shiba Inu ecosystem – has been teasing the release ever since.
Whales have also been roused by the hype surrounding the Shibarium upgrade. According to CoinGecko, this resulted in the token gaining 14% in the bi-weekly time frame, and currently trading at $0.00001312.
The day after Valentine’s, whales accumulated over 50 billion SHIB worth more than $600,000 during the time of the transaction. This comes after the same whale disposed of some 70 billion SHIB last week valued at around $956,200.
Last week, the broader financial market experienced a selloff with both equities and crypto sustaining losses. This has been caused by uncertainty in the macroeconomics of the United States and globally.
Increased Whale Activity And Improving Macros
SHIB has been a favorite of whales for a long time. According to WhaleStats data, the token is the third most held cryptocurrency with an average amount held of over $6.8 million.
At the time of writing, the whale holds a staggering 13.7 trillion SHIB worth about $187,600,000.
The recent whale accumulation might be a sign that whales are willing to take more risk for long term gain. This positive sentiment reversal came after the release of the month on month consumer price index report.
The US Federal Reserve recently released multiple macro indicators that show a somewhat improving macro situation. MoM CPI stood stagnant at 0.5% with the year on year CPI going down from 6.5% to 6.4%.
Consumer spending has also increased, showing that individuals have more confidence in the macroeconomic situation. These are signs of the Fed’s aggressive quantitative tightening measures.
However, with the CPI still being high, the central bank might enact more interest rate hikes. This hawkish sentiment has already been explored, with the Fed eyeing more interest rate hikes since its last rate hike.
Saying here what I just said in the main TG chat (overrun by fudders and Shadowcats). Go enjoy Vday. Tomorrow my 1st of a series of mediums introducing the world to Shibarium will be released. The bow fit nicely, but I’m not releasing anything until @kaaldhairya is done mourning.
— Shytoshi™ (@ShytoshiKusama) February 14, 2023
Shibarium Upgrade Eyeing Close Release
Kusama recently tweeted about how the network upgrade is close to being released. This release might be in early March, instead of the supposed Valentine’s Day release.
With Kusama releasing the first blog post regarding the network upgrade, we might see a big price movement for SHIB on the day of the release.
SHIB total market cap at $7.1 billion on the daily chart | Chart: TradingView.com
At $0.00001192, Bulls Should Overcome This Level
The token’s current momentum is being stopped on its tracks by the resistance level at $0.000014. This resistance, if not broken in a shorter time frame, might restrict SHIB’s short to medium term goal. For the meantime, investors and traders should continue to target this resistance for a bigger move upwards.
-Featured image from Pinterest