Shiba Inu (SHIB) Whale Makes a Splash With Massive Token Transfer Amid Shibarium Relaunch
Despite the transfer, SHIB is down on the day, similar to the rest of the market.
By Wayne Jones
A mysterious Shiba Inu whale has stunned the community by moving 4.64 trillion SHIB tokens, roughly $38 million, between two undisclosed wallets, as per data from etherscan.
The activity comes during the relaunch of Shiba Inu’s layer-2 scaling solution, Shibarium. Following the development, data from the Shibarium explorer indicates that the addresses using Shibarium have risen to 634,479.
- Meanwhile, a spike in Shibarium’s transactions has been observed recently after the network saw a low number of transactions on Aug. 23.
- However, by Aug. 31, the daily transaction count rose only eight days later, reaching 93,315. This surge has brought the total number of transactions executed on the Shibarium network to 698,642.
- Moreover, in an interesting twist, over 52 million SHIB tokens have been burned in just the past 24 hours.
- Token burns effectively reduce the available circulating supply, which helps to increase the value of the remaining coins.
- As the Shiba Inu community and the larger crypto world continue to monitor these events, the impact of these developments on the value and adoption of SHIB remains to be seen.
- Shiba Inu’s SHIB is trading at $0.00000796, down 3.2%, with a 24-hour trading volume of $133,299,787, according to data from CoinGecko.
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