Wednesday, September 27, 2023

Mysterious Shiba Inu Whale Abruptly Moves 4,657,881,590,632 SHIB Amid Launch of Shibarium Layer-2 Solution

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A mysterious Shiba Inu (SHIB) whale is suddenly moving trillions of SHIB as the project launches its new layer-2 scaling solution, Shibarium.

New data from whale-surveying platform Whale Alert reveals that a deep-pocketed SHIB investor has abruptly shifted a staggering 4,654,881,590,632 tokens, worth about $40.7 million, from one unknown wallet to another unknown wallet.

The sudden transfer occurred just a day after the Shiba Inu team launched Shibarium, the project’s highly anticipated layer-2 scaling solution. However, Shibarium’s launch wasn’t without issues as it received a “massive influx” of users and transactions during its release, causing some technical difficulties.

In a new blog post, pseudonymous lead SHIB developer Shytoshi Kusama says that “all is well” with the layer-2 protocol despite the torrent of activity, adding that the SHIB team never expected such a result.

“We’ve seen [the] Shib Army bring down large exchanges, websites, and other things. For the first time, our decentralized team has felt the power of the Shib Army in full. It’s insane really…

Although we expected a very busy moment, we never expected THIS much traffic, instantly.”

Shiba Inu is trading for $0.000009 at time of writing, a 10.6% dip during the last 24 hours while Bone ShibaSwap (BONE), the digital asset used to pay for Shibarium’s gas fees, is moving for $1.22 at time of writing, a 17% decrease in the last day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Andi syaputra/LongQuattro

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