A noticeable rise in high-value transactions has been observed for the meme-inspired cryptocurrency #Shibainu (SHIB), with each one costing $1 million or more. This rise in transaction certainly gained traction after a significant price hike in the first half of August.
During the coin's price surge, a noticeable pattern began to show up: whales moved large amounts of cryptocurrency even as the meme coin's prices saw a drop.
Data from Whale Alert, a service that tracks big cryptocurrency transactions, recently exposed a huge shift that was orchestrated by a single entity who had a sizable amount of Shiba Inu tokens.
$40 Million In Meme Coins Are Moved By The Shiba Inu Whale
A record-breaking transfer of 4.65 trillion SHIB tokens, or almost $40 million, was made by this cryptocurrency whale. This massive transfer took place on August 17, specifically, all in one day.
The curiosity in this situation is only increased by the mystery surrounding the origin and recipient of these massive numbers of SHIB tokens. This suggests that the crypto whale had more ambitious plans for the tokens than simply selling them on an exchange.
The #Shibarium Mainnet launch, a significant milestone for the cryptocurrency's ecosystem, is being joyfully celebrated by the Shiba Inu community at the same time as these huge transfers.
$40 Million In Meme Coins Are Moved By The Shiba Inu Whale
A record-breaking transfer of 4.65 trillion SHIB tokens, or almost $40 million, was made by this cryptocurrency whale. This massive transfer took place on August 17, specifically, all in one day.
The curiosity in this situation is only increased by the mystery surrounding the origin and recipient of these massive numbers of SHIB tokens. This suggests that the crypto whale had more ambitious plans for the tokens than simply selling them on an exchange.
The Shibarium Mainnet launch, a significant milestone for the cryptocurrency's ecosystem, is being joyfully celebrated by the Shiba Inu community at the same time as these huge transfers.
The excitement around the introduction of the Shibarium Mainnet, however, was short-lived because of an unexpected Bridge bug that momentarily stopped block production.
The price of tokens inside the Shiba Inu ecosystem, including #SHIB , BONE, and LEASH, dropped as a result of this occurrence, which resulted in roughly $1.7 million worth of ETH becoming locked in the Shibarium cross-chain bridge.
Shibarium's creators, however, immediately fixed the problem. With an official blog post, the community's chosen SHIB head, Shytoshi Kusama, reassured the community that Shibarium is operating without a hitch.