Unexplained Shiba Inu Whale Transfers 4,642,530,677,374 SHIB Tokens - Insight into the Crypto's Future Direction

Following the reactivation of Shibarium, a mysterious Shiba Inu (SHIB) whale has initiated significant movements of trillions of memecoins within the project.

According to recent data from Whale Alert, a platform specializing in tracking whale activity, a sizable anonymous SHIB investor conducted an abrupt transfer of 4,642,530,677,374 tokens, valued at approximately $38 million, from an undisclosed wallet to another anonymous wallet.

This significant move coincided with an announcement by Shytoshi Kusama, the pseudonymous lead developer of the Shiba Inu ecosystem. Kusama declared that the technical issues plaguing the project, particularly its layer-2 scaling solution known as Shibarium, have been successfully resolved and that Shibarium is now prepared for broader use.

Shibarium, which recently had its official launch, encountered challenges due to a surge in user activity, resulting in millions of dollars' worth of crypto assets getting stuck on its Ethereum (ETH) bridge. To address these issues, Kusama explained that the protocol would incorporate additional node validators to accommodate the growing user base and relaunch the platform.

"After two days of testing and parameter adjustments to achieve a 'ready' state, Shibarium has been enhanced and optimized. Additional validators will be added, providing more staking options for users," stated Kusama.

The successful relaunch of Shibarium's mainnet attracted over 50,000 active wallets, leading to a 6.6% surge in the price of Bone ShibaSwap (BONE), the token associated with the layer-2's gas fees, which rose from $1.36 to $1.45 within 24 hours.

As of the current moment, SHIB is trading at $0.000008, reflecting a slight increase over the past day. In contrast, BONE is priced at $1.22, marking a 2.7% decrease over the same 24-hour period.

Sep 01, 2023

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