AssetsJan 28, 2023

A mysterious whale moved over 3 trillion Shiba Inu coins before the cryptocurrency project update

The transaction occurred ahead of a planned major update to this blockchain.

According to new data from the WhaleAlert platform, a mysterious cryptocurrency whale has violently transferred a staggering 3,312,307,240,798 SHIB tokens worth a total of $38,257,148 from one unknown wallet to another. The transaction fee was 0.000664 ETH, or $1.06.

Cryptocurrency whale made a significant trade

The wallet that initiated the transaction received roughly the same amount of Shiba Inu coins 14 days earlier from another wallet and currently has a zero SHIB balance, according to Etherscan data. The unknown receiving wallet still holds 3.3 trillion SHIBs at the time of this writing.

The Shiba Inu project is expected to undergo a major update this year, which will coincide with the release of layer two of the Shibarium blockchain. Ledger, a leading provider of hardware cryptocurrency wallets, recently announced that it plans to support Shibarium, as does Trezor, another hardware wallet company.

Shibarium, which will run on top of the Ethereum blockchain, is expected to provide scalability, faster transaction times, and reduced gas fees. It is also intended to make it easier for developers to build decentralized applications on the Shiba Inu blockchain.

It is also worth adding that the developers recently announced that the Shibarium blockchain will use Bone ShibaSwap (BONE) as the only token for paying gas fees.

The Shiba Inu token started 2023 at $0.00000803 and later hit a high of $0.00001380 on January 21. This represents an increase of approximately 72% in just three weeks. Currently, SHIB is trading around $0.00001160.

The January rally contributed to leaving the consolidation zone marked in red on the chart above. SHIB has been moving in a sideways trend since the first half of November 2022. The consolidation itself was preceded by a decline in the price of this virtual asset.


Shiba Inu quotes, daily chart, source: TradingView

One of Dogecoin's biggest rivals (DOGE) is currently ranked 15th by market capitalization among all cryptocurrencies.