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.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
