Shiba Inu (SHIB), a cryptocurrency inspired by memes, has experienced a significant increase in high-value transactions, each costing $1 million or more. This surge in transactions has gained momentum following a strong price increase in the first half of August.
After the coin's price explosion, a noticeable trend emerged: whales continued to make significant volumes of crypto movement even as the meme coin's prices underwent a correction.
Recently, Whale Alert, a website that tracks significant cryptocurrency transactions, revealed a significant shift that was orchestrated by a single entity holding a substantial amount of Shiba Inu tokens.
🌎《Now you can now start trading at TNNS PROX》📈
🔥Start trading today, click "sign up" from the link above.
🚨 🚨 4,657,881,590,632 #SHIB (40,747,148 USD) transferred from unknown wallet to unknown wallethttps://t.co/g1D0dVuUjY — Whale Alert (@whale_alert) August 17, 2023
Shiba Whale Transfers 4.6T Tokens After 24-Hour Safekeeping. Shiba Inu Whale Moves $40 Million In Meme Coins
On August 17th, a crypto whale made a record-breaking transfer of 4.65 trillion SHIB tokens, equivalent to $40 million. The source and recipient of this massive transaction remain a mystery, adding to the intrigue surrounding the event. It is evident that the whale's intentions went beyond selling the tokens on an exchange. Shiba Whale Transfers 4.6T Tokens After 24-Hour Safekeeping.
The Shibarium Mainnet launch, a significant milestone for the Shiba Inu community, coincided with the whale's transfer. However, the announcement of the launch caused some concerns that impacted the price of SHIB. The token's value dropped by 11% the day before the launch-related festivities. Despite the uncertainty, the cryptocurrency eventually recovered some of its losses and stabilized at around $0.0000086.
It is noteworthy how differently the whales and significant holders of Shiba Inu tokens reacted to the Shibarium-related worries. Their varying strategies and viewpoints demonstrate the diversity of important stakeholders in the current Shiba Inu ecosystem.
Euphoria And Setback: Shibarium Mainnet Launch
Meanwhile, the euphoria around the Shibarium Mainnet launch was short-lived due to an unforeseen glitch in the Bridge, which temporarily halted block production.
This incident caused over $1.7 million worth of ETH to be stuck in the Shibarium cross-chain bridge, resulting in a decline in the prices of tokens within the Shiba Inu ecosystem, including SHIB, BONE, and LEASH.
However, the developers of Shibarium swiftly addressed the issue. The community-appointed SHIB lead, Shytoshi Kusama, reassured the community through an official blog post that Shibarium is running smoothly.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Comments