The Shiba Inu meme coin, commonly known as SHIB, has once again captured the attention of the cryptocurrency community. Recent reports from the well-known cryptocurrency tracking tool, Whale Alert, revealed a significant transaction worth 8.4 trillion SHIB, equivalent to nearly USD 100 million in fiat currency.
This noteworthy event is closely tied to a significant milestone for the SHIB ecosystem – the Shibarium network achieving a crucial utility milestone in just one day.
Whale movements impact the SHIB market The blockchain monitoring service, Whale Alert, detected two significant SHIB transactions involving anonymous wallets. In each transaction, a staggering amount of 4,239,147,213,294 SHIB was transferred. Data from the analytics aggregator tool, IntoTheBlock, initially indicated a 266% increase in whale activity over the past 24 hours.
Further investigation reveals that this increase is due to the same amount of SHIB being transferred twice. Initially transferred to an anonymous wallet (-8b51b), the funds were then forwarded to another destination.
Impressive growth of Shibarium Simultaneously, the Shibarium network demonstrates outstanding growth in the number of transactions, reaching 191 million. This highlights increased activity on the network. Additionally, daily transactions have rebounded to 7.5 million, a significant recovery from the previous week’s low of 5 million transactions.
Anticipation for upcoming upgrades Amidst these developments, the Shiba Inu community eagerly awaits a significant upgrade announced by the SHIB team in early December. The Shibarium testnet, called Puppynet, is ready to transition from Ethereum’s Goerli network to Sepolia, operating on the second-largest blockchain.
This conversion aims to enhance the scalability of Shibarium, reduce transaction fees, and expedite the transfer process. Lower transaction fees and faster transfers will create conditions for more significant token burns. It also depends on the gas fees that Shibarium users pay with the BONE token.
Automatic token burns With the expected upgrade in January, the process of burning SHIB will undergo a conversion from manual execution by the SHIB development team to automatic mode. This conversion follows the removal of over 33 billion SHIB from circulation in November and December through four significant transactions.
As the community embraces these advancements, the Shibarium network is poised to improve efficiency and scalability, reaffirming its position in the dynamic world of cryptocurrencies.
The recent exchange of 8.4 trillion SHIB and the impressive growth of the Shibarium network highlight the dynamic nature of the Shiba Inu ecosystem. As the community eagerly anticipates the upcoming upgrade and the shift to automatic SHIB burns, the future seems promising for SHIB enthusiasts and investors alike.
Source: Pi network news and Crypto news
