Shiba Inu Whale Transfers 4.66 Trillion SHIB Coinciding with Shibarium Layer-2 Launch
As the Shiba Inu (SHIB) project introduces its latest layer-2 scaling solution, Shibarium, an enigmatic SHIB whale has swiftly initiated the transfer of trillions of SHIB tokens.
Recent data from Whale Alert, a platform that monitors large crypto transactions, has unveiled a substantial move by a well-financed SHIB investor, involving the transfer of a staggering 4.65 trillion tokens valued at around $40.7 million. This significant transfer occurred within an unknown wallet, shifting from one to another.
The timing of this transfer coincided with the launch of Shibarium, Shiba Inu's highly anticipated layer-2 scaling solution. However, the launch wasn't without its challenges, as Shibarium encountered technical difficulties due to an overwhelming surge in user activity and transactions following its release.
Addressing the situation in a fresh blog post, Shytoshi Kusama, the pseudonymous lead developer of SHIB, reassured that the layer-2 protocol remains stable despite the unexpected surge in usage. Kusama acknowledged the unprecedented influence of the Shib Army, which had caused disruptions in various platforms before.
Shiba Inu's current trading value is $0.000009, reflecting a 10.6% drop within the last 24 hours. Simultaneously, Bone ShibaSwap (BONE), the cryptocurrency used for Shibarium's gas fees, is priced at $1.22, marking a 17% decrease over the past day.
Aug 18, 2023
