Shiba Inu (SHIB) is struggling to eliminate the zero it gained in May 2023. Since early February, the popular dog-themed crypto has been on a downward trajectory. Nonetheless, over the past weekend, SHIB displayed quite a remarkable performance. At one point, the token was up by almost 8%. However, corrections have been synonymous.
According to IntoTheBlock, token inflows into whale wallets over Friday and Saturday amounted to around 50 billion. However, Shiba Inu’s (SHIB) latest rally was not supported by any significant buying activity. Instead, there was a noticeable decrease in the outflow of tokens from whale wallets. The relatively modest inflows were successfully compensated by the slow outflows, which also raised the net flow. This notable shift in behavior indicated that whales have chosen to reduce their selling operations. Moreover, a majority of SHIB holders are whale wallets. Therefore, a move from their end tends to shift the tide for SHIB’s prices.
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The hoarding of whales could potentially help Shiba Inu (SHIB) remove the zero it gained earlier this year. However, it might not be enough.
What else can help Shiba Inu remove a zero?
Currently, SHIB’s ace in the hole is the Shibarium launch. The event has the potential to help remove more than just a zero. In fact, Shibarium could help take the asset to new price highs. However, the launch has been delayed multiple times. Nonetheless, lead developer Shytoshi Kusama has mentioned that it will debut sometime before August end. Therefore, we are right around the corner for a Shibarium launch.
Also Read: Shiba Inu Lead Developer Speaks on Shibarium “Launch Strategy”
The layer-2 network is the only thing of significance SHIB has at the moment. There is not much other than that, which could push the project to new heights. Shiba Inu (SHIB) is also working on a metaverse initiative, however, metaverse projects have taken a back seat in 2023.
Additionally, Shiba Inu (SHIB) also has a burn mechanism to remove tokens from circulation, in an attempt to increase its price. However, burns have often not led to major price movements. At press time, SHIB was trading at $0.00000769, up by 2.1% in the last 24 hours.
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