The release of the Shibarium recently took place in Toronto, Canada at the Blockchain Futurist Conference. Seeming like there would be bullish conditions for the meme coin, the Shiba Inu Whales went ahead and bought up to 6.5 Trillion Shiba Inu tokens.
Shiba Inu Whales Go Big On SHIB
Shiba Inu Whales were expecting a positive market sentiment for their native token after the Shibarium protocol was released. Unfortunately, things took a toll on the protocol as investors flocked to use it managing to exhaust 160,000 units within the first hour of launching.
The Shibarium protocol went into a temporary shutdown mode-the fail-safe mode-to enable protection for the assets that were being held by it. The value of Shiba Inu went down drastically as a result of the negative market sentiment and the percentage drop recorded was by 11%.
The Shiba Inu Tokens Purchase Rate Increases
According to data from IntoTheBlock, 664% has been recorded in the purchase rate of the Shiba Inu tokens within the past week. The purchase rate was at its peak on the 17th of August just after the Shibarium protocol had launched.