Shannon Bray, the leading US gubernatorial candidate, said in a new tweet yesterday that he will buy altcoins with his entire salary this month.
Altcoin investment announcement from US politician
US gubernatorial candidate Shannon Bray has openly expressed her support for the Shiba Inu (SHIB) amid the market turbulent with SEC lawsuits. Yesterday on Twitter, he highlighted the potential of cryptocurrencies to regain interest and attract more users.
The US political figure asked one of his followers, “Which meme coins do you buy?” To the question, “I get my salary tomorrow and I still get SHIB. Nothing else will regain that traction.”
What #Memecoins are you buying ?#Memecoinseason2023
— $SHIB KNIGHT (@army_shiba) June 13, 2023
Bray’s support for the Shiba Inu was important. He has a considerable following and enjoys the status of a public figure. Its support can contribute to increased interest in SHIB. It will also be effective in further consolidating its position in the rapidly expanding market.
SHIB investors watch developments around Shibarium
Shibarium is a new Ethereum-based Layer-2 Blockchain network for Shiba Inu. cryptocoin.comAs we reported, Shiba’s lead developer, Shytoshi Kusama, announced the start of the Beta phase of Shibarium in February.
Now, right after Shibarium’s mainnet launch, anticipation continues to rise within the Shiba Inu community. It should be noted that the primary purpose of Shibarium is not to artificially inflate the price of the SHIB. Instead, the project focuses on key areas such as reducing fees, increasing transaction speed and delivering benefits. Thus, SHIB aims to develop its ecosystem naturally. These developments are expected to increase the demand for the Shiba Inu and ultimately lead to an increase in price.
Shibarium is also trying to resolve the issue of SHIB’s extensive circulating supply. The L2 network plans to burn SHIB using 70% of the base fees from each transaction. By reducing the supply of SHIB and potentially increasing demand, these efforts will contribute to a price increase.
Last year, Finder surveyed 55 industry leaders in the FinTech industry to gather information on how Shibarium could affect the price of SHIB. While 50% of these experts express their uncertainty, 25% predict that Shibarium will positively affect the SHIB price. Only 3% of experts said the network would have a negative impact, while 22% said it would have no impact.
Why is Shibarium important to altcoin investors?
Shibarium’s primary goal is to develop and benefit the Shiba Inu ecosystem. However, increased adoption will lead to more transactions being processed on the network. So it will result in more benefits and potential price support for SHIB.
Whales are buying 1.5 trillion SHIB
Meanwhile, data from Lookonchain has revealed that a whale bought SHIB amid the price drop. The largest SHIB whale has amassed 1.5 trillion meme coins from Binance and Coinbase with over $10 million. At the time of writing, the address held more than 5 trillion SHIB.
The largest holder of $SHIB accumulated 1.5T $SHIB ($10M) from #Binance and #Coinbase again 4 hrs ago.
Address"0x40B3" holds 5.3T $SHIB($35.5M), and transferred 20T $SHIB($134.4M) to address "0x73AF" on May 16.
The whale is the largest holder of $SHIB excluding exchanges. pic.twitter.com/irMR39mfwE
— Lookonchain (@lookonchain) June 13, 2023
You can take a look at other altcoins that have been on the whales’ radar lately in this article.
