Shiba Inu’s $46 Million Mystery: Whale Moves Massive Amount of Tokens Amid Shibarium’s Growth

A mysterious Shiba Inu ($SHIB) whale has moved their staggering 4.25 trillion token stash worth around $46.4 million to a new cryptocurrency wallet in a move that was detected by whale transaction monitors, but doesn’t suggest they’re selling the funds.

The transaction was made at a time in which Shiba Inu’s burn rate has been surging exponentially, with over 8.6 billion tokens being burned in just 24 hours earlier this month at a time in which the project is partnering with domain firm D3 Global to allow 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

The whale’s transactions caught the attention of the meme-inspired cryptocurrency’s community as market observers noted that the funds weren’t moving to cryptocurrency exchanges, suggesting they weren’t going to be dumped on the market.

Earlier the project launched its layer-2 network Shibarium, whose total value locked has recently briefly surpassed the $1 billion mark as the value of SHIB surges and its adoption grows. The largest decentralized finance project on Shibarium is currently MARSWAP with over $555,000 in total value locked, ahead of ChewySwap’s $211,000.

The transaction also came at a time in which the Shiba Inu community compared compared Ethereum’s transaction fees and speed with those of Shibarium. Clifford, a user on the platform, noted that Ethereum’s transaction fee, though lower than the initially claimed $31.62 at $1.33, was still much higher than Shibarium’s modest fee of $0.043 per transaction.

Another community member emphasized Shibarium’s economic efficiency and scalability, pointing 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. Echoing this, Kaal Dhairya confirmed that Shibarium’s current rate of 200 transactions per second is due to the present block limit for certain transactions.

Featured Image via Pixabay

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