Are you curious about the recent flurry of activity surrounding Shiba Inu meme coins? A remarkable amount of these coins, valued at nearly $100 million, have been moved by anonymous crypto holders, colloquially known as whales. This coincided with the Layer-2 solution Shibarium achieving a significant utility milestone and a substantial increase in daily transactions.
A Deep Dive into the SHIB Transactions
Whale Alert, a renowned blockchain tracking service, detected two enormous transfers of SHIB coins between unknown wallets. Each transaction involved a staggering 4,239,147,213,294 SHIB coins. Data from IntoTheBlock analytics aggregator also noted a 266% increase in whale activity within a single day. Interestingly, it was revealed that the same amount of SHIB was transferred twice – initially to an anonymous wallet, and then from it.
Shibarium’s Impressive Growth
The Shibarium network has been making waves with a significant surge in its transaction count. The count first rose to 180 million and then added approximately another 6 million transfers. The level of daily transactions also saw a jump, bouncing back to 7.8 million from a 5 million low. This growth has been eagerly watched by the Shiba Inu community, especially with the upcoming important upgrade announced by the SHIB team.
Anticipating the Shibarium Upgrade
The Shibarium testnet, known as Puppynet, is set to transition from Ethereum’s Goerli network to Sepolia, which operates on the same, second-largest, blockchain. This transition will significantly boost Shibarium’s scalability, reduce transaction fees, and accelerate transfers. As a result, larger burns will be possible, as they are dependent on gas fees paid by Shibarium users in BONE tokens. Once the upgrade is implemented, expected in January, SHIB burns will switch to automated mode, a departure from the manual burns conducted by the SHIB development team. So far, the team has removed over 33 billion SHIB from circulation in four significant transactions.
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