Shiba Inu Ecosystem Developments Are Blowing Up As SHIB Whales Activity Soar Ahead Of Shibarium Launch ⋆ ZyCrypto

The Shiba Inu (SHIB) community is abuzz with excitement after the team behind the project launched an official YouTube channel for the upcoming layer two protocol Shibarium.

Earlier this week, “LUCIE”, a key member of the network’s marketing team, wrote on Twitter “, We are cooking something”, encouraging members to subscribe to the new channel. Notably, since the announcement on Monday, the channel has grown from around 500 subscribers to almost 2,500 at press time.

The channel features five brief videos illustrating concepts such as “Shibarium Basic Information” and “Shibarium Technology L2 with $BONE as gas fee token”. A fourth video even offers a more comprehensive insight into the workings of Shibarium. While not much has been revealed about the channel, the community is stoked at the development, indicating potential insights into the upcoming Shibarium launch.

This cryptic announcement aligns with previous promises made by Shytoshi Kusama, the lead developer of Shiba Inu, who unveiled the Summer of Shibarium, assuring the community of strategic releases and updates in the pipeline. These initiatives are paving the way for the highly anticipated mainnet launch of Shibarium, scheduled to take place during the upcoming Blockchain Futurist Conference in August.

Notably, Lucie’s previous assurance that numerous projects will join the Shiba Inu ecosystem upon the L2 scaling solution’s integration into the mainnet has further fueled optimism among the community. These upcoming developments are expected to expand the project’s ecosystem beyond its current tokens, encompassing SHIB, BONE, and LEASH.

However, despite the positive sentiments and upcoming developments, SHIB’s price has not witnessed a significant rally lately. Since breaking crucial support at $0.000008 earlier last month, the second-largest meme coin by market capitalization has been trading in a consolidation. At the time of reporting, SHIB was trading at $0.000007801, up 1.06% in the past 24 hours and 1.48% in the past week.

Nevertheless, despite the present market conditions, experts in the field are optimistic about the potential impact of Shibarium’s mainnet launch on SHIB and other ecosystem tokens, including BONE and LEASH. Notably, a newly launched metric by onchain data analysis firm IntoTheBlock shows SHIB is becoming more popular, especially to newcomers, with the growth leaping from 25% in mid-April to just over 60% this week.

SHIB whales have also been making moves ahead of the Shibarium launch. On Tuesday, several whales moved close to 50 billion SHIB between exchanges and wallets, with a single entity transferring almost just over 2.4 trillion SHIB (worth 18 million) in one transaction recently. While these types of transfers often cause anxiety among market participants due to the possibility of a dump, SHIB has remained fairly stable, signalling they are accumulating more or just holding, according to popular crypto analyst Austin Hilton.

With Shibarium’s mainnet launch drawing nearer, Shibarium’s YouTube channel is set to serve as a vital platform for sharing information about upcoming developments.