- Shibarium Layer-2 surpasses the 93 million transaction mark.
- Top Ethereum whale sends 4.19T to an unrecognized wallet.
- Shiba Inu contests crucial resistance amid market indecision.
As the Japanese guard-dog-themed Shiba Inu (SHIB) witnesses an intense duel between crypto bulls & bears along the $0.0000095 key resistance, large cryptocurrency whales are splashing big money on the canine coin.
One particular transaction raised some eyebrows among crypto enthusiasts on Twitter. In one go, a colossal amount of 4,193,953,460,450 SHIB tokens was transferred to a crypto wallet of unknown origin.
Last night, the cryptocurrency whale-watching agency WhaleAlert spotted the unusual ETH transfer on the largest Proof of Stake network. While Shiba Inu’s price was initially unmoved by the news, the concentration on-chain signal now turned bullish, which could be pivotal in determining Shiba Inu’s direction.
Shibarium Hits 2 Million Blocks: A New Star in DeFi?
Even though the largest crypto whale moves still occur on Ethereum’s (ETH) blockchain, a recent surge in Shiba Inu’s Layer-2 trading activity sparked a renewed interest in Shiba Inu’s Ecosystem.
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This activity contributed towards burning 8.2B SHIB tokens on-chain, as Shibarium devs recently introduced an upgraded SHIB burning mechanism. Highly anticipated by the SHIB Army, Shibarium now counts over 92 million on-chain transactions and 1.30 million registered crypto wallet addresses. Currently, at block 2,079,541, the Layer-2 built on top of a Polygon (MATIC) fork continues to process transactions at 5 seconds average block production time with nearly 8M daily transfers.
On the Flipside
- Large whale transactions garner fees on the network, which can later be utilized to burn cryptocurrency.
- However, multiple cases of whales selling trillions of SHIB at once resulted in a rapid drop in the coin’s price.
- Shibarium Layer-2 experienced traffic congestion with $1.8M ETH stuck during the initial launch in August.
Why This Matters
Large cryptocurrency whale transactions imply the current trader sentiment, as whales are often one step ahead of the price trend.
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