According to recent Twitter posts by the popular crypto tracker Whale Alert, large anonymous crypto holders known as whales have transferred an astonishing amount of Shiba Inu meme tokens, nearly worth 100 million dollars.
SHIB Reaches Milestone
This event coincided with the Layer-2 solution Shibarium reaching a new and significant service milestone within a day, followed by a substantial increase in daily transactions. Anonymous wallets transferred 8.4 trillion SHIB. The specified blockchain tracking service detected two large SHIB chunks being transferred between unknown cryptocurrency wallets, with each transaction containing 4,239,147,213,294 SHIB tokens.
Data from the analysis aggregator IntoTheBlock, which showed a 266% increase in whale activity in the last 24 hours, accompanied this. However, details revealed by Whale Alert indicated that it was the same amount of SHIB transferred twice.
The Shibarium network has recently displayed impressive growth in transaction numbers. It first surged to 180 million on Sunday evening and then added approximately 6 million more transfers today. This metric is currently at the level of 186,082,902. The daily transaction level also jumped back to 7.8 million from the “low” level of 5 million witnessed last week after a minor decline.
Critical Development in Shiba Inu
Additionally, the Shiba Inu community is eagerly awaiting a highly significant upgrade announced by the SHIB team at the beginning of December. The Shibarium test network, known as Puppynet, will be transferred from Ethereum’s Goerli network to Sepolia, which operates on the same second-largest blockchain. This move will provide a significant increase in Shibarium scalability for the SHIB development team, potentially reducing transaction fees and speeding up transfers.
Lower transaction fees and faster transfers could allow for larger burns, as gas fees paid by Shibarium users in BONE tokens are dependent on this. With the anticipated upgrade, SHIB burning processes will no longer be manually conducted by the SHIB development team but will switch to automatic mode in January as expected. So far, the team has removed over 33 billion SHIB from circulation with four major transactions in November and December.
