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Shiba Inu coin up, as whales move $28.7m SHIB and Shibarium launch grows near

By Darius McQuaid

Edited by Charlie Mellor

15:52, 10 January 2023

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In this article:
SHIB/USD
Shiba Inu / USD
0.00001217 USD
0.00000035 +3.060%
ETH/USD
Ethereum / USD
1586.51 USD
27.36 +1.760%

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Shiba Inu cryptocurrency logo displayed on a phone screen and representation of cryptocurrency are seen in this illustration photo taken in Krakow, Poland on 2 November 2021
SHIB has said it is approaching the beta launch of the Shibarium upgrade – Photo: Getty Images

Shiba Inu (SHIB), the “dogecoin killer” meme coin, has seen a rise in value following a whale’s decision to move a multi-million-dollar amount of the crypto.

The whale is reported to have moved $28.7m (£23.6m) worth of SHIB, according to Bitcoinist.

As of 14:51 GMT on 10 January, SHIB was trading at $0.00000924, up by 4.21% compared with the previous day, according to CoinMarketCap.

SHIB to USD

Shibarium upgrade

Towards the end of 2022, there was mounting speculation that the long-awaited Shibarium upgrade could come in 2023. However, at the time of writing, no official date has been released as to when it may arrive.

The Shibarium upgrade is a Layer 2 blockchain solution that was first proposed by Ryoshi, the anonymous creator of SHIB, in May 2021.

The development of SHIB, which was built on the Ethereum (ETH) blockchain, has been hampered by the Ethereum’s low scalability and high gas fees, which have thwarted SHIB projects from reaching their full potential.

LUNC/USD

0.00 Price
+5.500% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee -0.0500%
Overnight fee time 22:00 (UTC)
Spread 0.00000714

ETH/USD

1,586.51 Price
+1.760% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 5.00

DOGE/USD

0.09 Price
+8.130% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.0011911

XRP/USD

0.40 Price
+2.270% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 22:00 (UTC)
Spread 0.00323

The idea behind Shibarium is to offload some of the transaction data to a dedicated Layer 2 infrastructure while still retaining a direct link to the Ethereum network.

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Each Shibarium transaction will burn SHIB  

The Shibarium Network has announced via Twitter that each Shibarium transaction will burn SHIB.

The network also added that it is “focused on delivery” and it urged followers to “stay tuned for additional information” as it approached the beta launch.

Additionally, the network reminded everyone that bone shibaswap (BONE) would “serves as the required gas token for operability within Shibarium”.

Upcoming Bugatti Group event

On 8 January, SHIB also announced on Twitter an upcoming event involving the Bugatti Group, a branded luggage manufacturer and distributor, that would be arriving “in the next few days”.

The tweet included a video showcasing luggage with different versions of the SHIB logo printed on it.  

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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