Shiba Inu (SHIB) Whale Makes a Splash With Massive Token Transfer Amid Shibarium Relaunch

2023-09-01 08:40:50

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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