Large Whale Moves 4.65 Trillion Shiba Inu Tokens Worth $40 Million on Ethereum Blockchain

Data from the Ethereum Blockchain Reveals Large Whale Moves $40 Million Worth of Shiba Inu Tokens

Recently, data from the Ethereum blockchain has revealed that a large whale holding onto the meme-inspired cryptocurrency Shiba Inu (SHIB) has moved around 4.65 trillion tokens, equivalent to approximately $40 million, after holding onto them for about a day.

Key Points:

The identity of the sending and receiving wallets remains unknown, suggesting that the whale did not move the tokens to a cryptocurrency exchange to sell them.
The transaction occurred shortly after the launch of Shibarium, Shiba Inu’s layer-2 scaling solution.
The network experienced issues with its bridge contract, resulting in $1.7 million worth of ETH being stuck between Ethereum and Shibarium.
The network entered a fail-safe mode to resolve the problem and safeguard users’ funds.
Shiba Inu’s lead developer, Shytoshi Kusama, attributed the issues to a significant influx of traffic.

Shiba Inu Developer Outlines Plans to Enhance Shibarium’s Capacity

In a blog post, Shiba Inu developer Kaal Dhairya outlined plans to scale the network and accommodate the substantial amount of traffic it was receiving. Dhairya also mentioned that the team would provide consistent updates on Shibarium’s progress and highlighted its foundation on the Polygon network. Additionally, the team has secured $2 million in insurance coverage to address potential fund retrieval challenges after the network relaunch.

Price of Shiba Inu Tokens Drops Following Shibarium’s Launch

Following the initial launch of Shibarium, the price of tokens within the Shiba Inu ecosystem, including SHIB, BONE, and LEASH, all dropped as the network’s issues became apparent. However, popular cryptocurrency analyst Micheal van de Poppe believes that the value of the meme-inspired cryptocurrency could rise significantly if it manages to stay above a key support level.

Hot Take:

The movement of a large whale’s Shiba Inu tokens raises questions about its intentions and the impact it may have on the cryptocurrency’s market. The launch of Shibarium faced challenges, but the team is actively working on enhancing the network’s capacity. The price drop following the launch highlights the volatility of meme-inspired cryptocurrencies. It remains to be seen how Shiba Inu will fare in the long term and whether it can overcome its current obstacles.