A mysterious owner of a large amount of Shiba Inu tokens (SHIB) moved their whopping 4.25 trillion tokens, valued at around $46.4 million, to a new wallet. This action was noticed by whale transaction monitors, but there’s no indication that they’re selling the tokens.
Interestingly, this transfer happened during a period of significant token burning in the Shiba Inu ecosystem. In just 24 hours earlier this month, over 8.6 billion tokens were burned. This coincides with Shiba Inu’s collaboration with domain firm D3 Global, allowing users to acquire .shib domains.
🚨 🚨 4,254,147,213,294 #SHIB (46,468,050 USD) transferred from unknown wallet to unknown wallethttps://t.co/D5BkxJXp8b
— Whale Alert (@whale_alert) December 24, 2023
Shiba Inu’s Whale Transactions and Shibarium’s Growth
The Shiba Inu community took notice when a significant whale moved 4.25 trillion tokens (SHIB), worth about $46.4 million, to a new wallet. Importantly, the funds didn’t appear to be heading to cryptocurrency exchanges, indicating they might not be sold on the market.
This attention-grabbing move occurred around the same time Shiba Inu launched its layer-2 network, Shibarium. The total value locked in Shibarium briefly surpassed $1 billion, reflecting the surging value of SHIB and the increasing adoption of the cryptocurrency. MARSWAP currently leads as the largest decentralized finance project on Shibarium, boasting over $555,000 in total value locked, followed by ChewySwap with $211,000.
Shiba Inu Community Analyzes Shibarium Against Ethereum
Amidst a significant Shiba Inu whale transaction, the community took a closer look at Ethereum’s transaction fees and speed in comparison to Shibarium. A user named Clifford highlighted that, even though Ethereum’s transaction fee was lower than initially claimed ($31.62 reduced to $1.33), it remained considerably higher than Shibarium’s modest fee of $0.043 per transaction.
Emphasizing Shibarium’s economic efficiency and scalability, another community member pointed out that while Ethereum processes around 13-14 transactions per second, Shibarium manages five times that amount within the same timeframe.
Shytoshi Kusama, Shiba Inu’s lead developer, contributed to the discussion by stating that Shibarium can process up to 200 transactions per second. Confirming this, Kaal Dhairya added that Shibarium’s current rate of 200 transactions per second is due to the existing block limit for certain transactions.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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