Shiba Inu Whale Transfers 4.6 Trillion Tokens After A 24-Hour Safekeeping
August 19 2023 - 11:16AM
NEWSBTC
Shiba Inu (SHIB), a meme-inspired cryptocurrency, has seen a
notable increase in high-value transactions, with each one costing
$1 million or more. Following a strong price increase in the first
half of August, this spike in transactions clearly gathered
traction. Following the coin’s price explosion, a notable pattern
started to emerge: whales made significant volumes of crypto
movement even as the meme coin’s prices saw a correction. A huge
shift was recently revealed by data provided by Whale Alert, a
website that tracks significant cryptocurrency transactions, and it
was masterminded by a single entity that had a sizeable amount of
Shiba Inu tokens. 🚨 🚨 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 Related Reading: Solo Climber: The Lone Crypto Surging 11%
In Top 100 Roster On A Weekend Shiba Inu Whale Moves $40 Million In
Meme Coins This crypto whale carried out an unprecedented transfer
of 4.65 trillion SHIB tokens, or about the equivalent of $40
million. This huge transfer occurred on August 17, precisely,
during a single day. The mystery surrounding the source and
recipient of these enormous sums of SHIB tokens only heightens the
interest in this circumstance. This implies that the crypto whale’s
goals went beyond merely selling the tokens on an exchange. The
Shiba Inu community’s joyous celebration of the Shibarium Mainnet
launch, a milestone for the cryptocurrency’s ecosystem, coincides
with these substantial transfers. However, there were some worries
that accompanied the announcement of the Shibarium Mainnet, and
these had an impact on the pricing of Shiba Inu. The day before the
launch-related festivities, the price of SHIB dropped by 11%. The
cryptocurrency eventually recovered some of its losses, and as of
the time of this publication, its price had stabilized at roughly
$0.0000086. It’s interesting to note how different “whales” and
significant holders, or those with large holdings of Shiba Inu
tokens, appeared to react despite the uncertainty caused by the
Shibarium launch-related worries. This shows that the various
strategies and viewpoints held by these important stakeholders
about the current Shiba Inu ecosystem developments. Shiba Inu
(SHIB) is currently trading at $0.00000845. Chart: TradingView.com
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. Related Reading: Ordinals Sales In
Freefall: 97% Decrease Sparks Worries About Bitcoin NFT’s
Extinction 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. (This site’s content should not be
construed as investment advice. Investing involves risk. When you
invest, your capital is subject to risk). Featured image from
Altcoin Investor
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