After the launch of the beta version of the highly anticipated Shibarium protocol, trillions of Shiba Inu tokens were transferred out from the Ethereum wallets that belong to crypto whales.
IntoTheBlock, the leading analytics firm, disclosed that there was a decline in Shiba Inu whale balances since Friday, as they dropped to 660.9 trillion from 670.9 trillion.
This was a day before the roll out of the beta phase of its Shibarium network, which is part of the crypto project.
According to the data provided by IntoTheBlock, there has been a 6.25% decline in the number of SHIB whale addresses in the last seven days.
There had been a lot of hype surrounding the launch of the Shibarium protocol, which is a layer-2 mechanism built on top of the Ethereum chain, just like Polygon (MATIC).
Shibarium had first been announced in May of 2021, but had seen a lot of delays in its development since then, finally releasing in the previous week.
However, it should be noted that the exodus of the Shiba Inu tokens from the Ethereum whales’ wallets does not seem to have had a negative impact on the price of the canine-themed meme token.
At publishing time, the SHIB token was trading at a value of $0.000011, which is a rise of 6% recorded in the last 24 hours.
Even though some whales opted to unload some of their SHIB holdings, WhaleStats, the blockchains-tracking platform shows that the biggest 100 Ethereum whales still have a staggering number of SHIB tokens.
The total number of Shiba Inu tokens held by 100 biggest Ethereum whales is $601.20 million, which is about 12% of their overall crypto portfolio.
WhaleStats has also revealed that the meme token is the largest altcoin that is held by the top 100 whales on Ethereum, excluding Ethereum itself and other stablecoins.
Shiba Inu Metaverse
Meanwhile, one of the most highly anticipated project on the Shibarium protocol is the Shiba Inu Metaverse.
An in-depth look into it was given by the developers at the South by Southwest (SXSW) festival, which is currently being held in Texas.
This was accomplished through an immersive extended reality experience in the WAGMI Temple Hub, which is one of the 11 hubs that will be part of the Shiba Inu Metaverse.
The official Shiba Inu websites indicates that this hub will offer calming sensations, natural beauty, meditation and spiritual connections.
It is aimed at helping users explore the history of the SHIB token, along with its discovery and decentralized background.
The poster for the SXSW premiere had been revealed by the lead Shiba Inu developer, Shytoshi Kusama, on March 10th.