An enigmatic Shiba Inu (SHIB) whale has undertaken an unexpected initiative to relocate an immense volume of memecoin, subsequent to the successful revival of the project’s layer-2 scaling solution, Shibarium.
Recent data sourced from the whale-tracking platform Whale Alert has disclosed that an unidentified SHIB investor with substantial resources transferred a staggering 4,642,530,677,374 tokens, equivalent to approximately $38 million, from one undisclosed wallet to another.
This significant maneuver follows the announcement by Shytoshi Kusama, the project’s pseudonymous lead developer, that the technical challenges facing the project have been effectively addressed and that Shibarium is now prepared for mainstream utilization.
Shibarium, which was formally launched earlier this month, encountered a surge in user engagement and activity, resulting in technical complications, including the entrapment of millions of dollars’ worth of cryptocurrency assets within its Ethereum (ETH) bridge.
In a prior statement, Kusama indicated that rectifying Shibarium’s issues would involve the incorporation of additional node validators to accommodate the elevated user count, followed by a relaunch of the protocol.
“After an intensive two-day testing and parameter refinement process to attain a ‘ready’ state, Shibarium has now been enhanced and optimized. Additional validators are set to be deployed, thereby providing more avenues for staking your BONE tokens.”
The successful re-launch witnessed the Shibarium mainnet amass a user base exceeding 50,000 active wallets. Concurrently, the associated token, Bone ShibaSwap (BONE), experienced a price surge from $1.36 to $1.45, translating to a 6.6% increase within a 24-hour timeframe.
At present, SHIB is trading at $0.000008, reflecting a fractional uptick over the past day, whereas BONE is trading at $1.22, marking a 2.7% decrease within the same 24-hour period.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.