A mysterious Shiba Inu (SHIB) whale is suddenly moving trillions of the memecoin after its developers brought the project’s layer-2 scaling solution Shibarium back online.
New data from whale-surveying platform Whale Alert reveals that an anonymous deep-pocketed SHIB investor abruptly shifted a staggering 4,642,530,677,374 tokens, worth about $38 million, from one unknown wallet to another unknown wallet.
The move comes after Shytoshi Kusama, the ecosystem’s pseudonymous lead developer, announced that the project’s technical issues have been resolved and that “Shibarium is ready for prime time.”
Shibarium, which officially launched earlier this month, experienced a “massive influx” of users and activity, causing technical difficulties such as having millions of dollars worth of crypto assets stuck over its Ethereum (ETH) bridge.
Previously, Kusama said that to fix Shibarium’s issues, the protocol would be adding more node validators to accommodate the high number of users and relaunching.
“After two days of testing and tweaking parameters to achieve ‘ready’ state, Shibarium is now enhanced and optimized… Additional validators will go live, giving even more options for you to stake your BONE.”
The successful relaunch saw the Shibarium mainnet reach over 50,000 active wallets and at the time sent Bone ShibaSwap (BONE), the token associated with the layer-2’s gas fees, flying from $1.36 to $1.45, a 6.6% increase in 24 hours.
SHIB is trading for $0.000008 at time of writing, a fractional increase during the last day while BONE is moving for $1.22, a 2.7% decrease in the last 24 hours.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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/SimpleB