A deep-pocketed crypto trader is suddenly moving more than 3 trillion Shiba Inu (SHIB) ahead of the blockchain project’s planned major upgrade.
According to new data from the whale-surveying platform WhaleAlert, a crypto whale abruptly shifted a staggering 3,312,307,240,798 SHIB, valued at $38,257,148 at time of writing, from one unknown wallet to another.
The transaction fee totaled 0.000664 Ethereum (ETH) or $1.06.
The sending wallet had received about the same amount of SHIB 14 days earlier from another unknown wallet and currently has a zero SHIB balance, according to Etherscan data. The unknown receiving wallet continues to hold the 3.3 trillion SHIB at time of writing.
The meme token opened the year at $0.00000803 and hit a high of $0.0000138 on Jan 21st, an increase of about 72%. At time of writing, SHIB has retraced to a value of $0.0000116.
The Dogecoin (DOGE) rival is currently the 15th-ranked crypto asset by market cap.
SHIB is expected to undergo a major upgrade sometime this year with the release of the layer-2 blockchain Shibarium.
Ledger, a leading cryptocurrency hardware wallet provider recently said it plans to support Shibarium, as did Trezor, another hardware wallet company.
Shibarium, which will run on top of the Ethereum blockchain, is designed to deliver scalability, faster transaction times and reduced gas fees. It is also designed to make it easier for developers to build decentralized applications on the Shiba Inu blockchain.
Developers recently announced the Shibarium blockchain will utilize Bone ShibaSwap (BONE) as the sole token for paying gas fees.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney