Shiba Inu (SHIB), a meme-inspired cryptocurrency, has experienced a significant increase in high-value transactions, with each transaction costing 1 million US dollars or more. Following a strong price surge in the first half of August, this rise in transactions has gained significant momentum.
After the price explosion of the coin, there emerged a remarkable pattern: whales, who were already involved in substantial amounts of crypto movement, were taking advantage of the correction in prices. Data from Whale Alert, a website that tracks significant cryptocurrency transactions, recently revealed a massive shift initiated by a single entity holding a considerable amount of Shiba Inu tokens.
“🚨 🚨 4,657,881,590,632 #SHIB (40,747,148 USD) transferred from unknown wallet to unknown wallet,” tweeted Whale Alert on August 17th, 2023.
A Shiba Inu whale moved meme coins worth 40 million US dollars, executing an unprecedented transfer of 4.65 trillion SHIB tokens, all in a single day on August 17th.
The mystery surrounding the source and recipient of these enormous amounts of SHIB tokens only adds to the intrigue. This implies that the goals of the crypto whale go beyond simply selling the tokens on an exchange.
The joyous celebration of the Shiba Inu community for the launch of the Shibarium Mainnet, a milestone for the cryptocurrency ecosystem, coincides with these extensive transfers.
However, concerns related to the pricing of Shiba Inu arose with the announcement of the Shibarium Mainnet. The day before the launch festivities, the price of SHIB dropped by 11%.
The cryptocurrency eventually recovered some of its losses, with its price stabilizing at around 0.0000086 US dollars at the time of this publication.
It is interesting to observe how various “whales” and significant holders, or those with large quantities of Shiba Inu tokens, reacted despite the uncertainty caused by concerns surrounding the Shibarium launch.
This shows that these important stakeholders have different strategies and opinions regarding the current developments in the Shiba Inu ecosystem.
Meanwhile, the euphoria surrounding the launch of the Shibarium Mainnet was short-lived due to an unforeseen error in the bridge, which temporarily halted block production.
This incident resulted in over 1.7 million US dollars worth of ETH being stuck in the Shibarium cross-chain bridge, leading to a decline in token prices within the Shiba Inu ecosystem, including SHIB, BONE, and LEASH.
However, the developers of Shibarium quickly resolved the issue. Shytoshi Kusama, the SHIB-appointed leader, reassured the community in an official blog post that Shibarium is running smoothly.
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Featured image by Altcoin Investor