The Shiba Inu community is buzzing with excitement after reports revealed that an anonymous whale had purchased a massive stash of SHIB tokens from the Gemini exchange in a single transaction.
Mysterious Whale Makes Massive SHIB Purchase
A crypto whale has shocked the SHIB community and crypto space after purchasing 708.41 billion SHIB tokens worth almost $6 million from Gemini, an American crypto exchange run by the Winklevoss twins.
The transaction was picked up by Whale Alert, a prominent blockchain tracking system that reports when significant amounts of cryptocurrencies that could influence the market are moved or traded.
According to the report, the whale sent the SHIB they acquired to a crypto wallet address that had previously remained dormant until now. The funds were transferred in two separate transactions to the unknown wallet with the first transaction carrying 708 billion SHIB, while the second saw 1.2 million SHIB moved to the wallet address.
This is not the first time that whale activities within the SHIB ecosystem have caught the attention of market participants, injecting a renewed sense of confidence within the community as investors prepare for a potential price recovery.
This is because of the likelihood that the recent massive SHIB purchases are attributed to the new developments brewing in the SHIB ecosystem. The first is Shiba Inu’s layer 2 scaling solution, Shibarium, expected to launch publicly after undergoing several successful tests and configurations to improve its system’s performance.
There is also the fact that SHIB burn rates are on the rise and new developments such as the SHIB Association, recently launched by a prominent Shiba Inu burn tracker Shibburn, in an effort to bolster the ecosystem.
SHIB price sees slight recovery | Source: SHIBUSD on Tradingview.com
Shiba Inu Ecosystem Thrives With Innovative Developments
While the SHIB community is still reeling from the whale announcement, reports have pointed to the Shiba Inu being one of the most active and trending cryptocurrencies in the crypto space at the moment.
Following the previous launch of the Shibarium mainnet, which is currently in private beta, the Shiba Inu ecosystem saw massive adoption and engagement, with over 10 million new wallets registered on the cryptocurrency platform.
Shytoshi Kusama, Shiba Inu’s Lead Developer, has also said that the crypto platform is currently initiating the plans seen in the ShibPaper. Kusama revealed that the ShibPaper contains all the future projects and strategies Shiba Inu will use to create a Shiba Inu State populated by “Shibizens”, Shiba Inu state’s citizens.
However, the price of SHIB has not reacted positively to this news as initially expected. The meme coin is currently trading at $0.000008062 at the time of this writing, down 3.17% and 4.06% on the daily and weekly charts, respectively.
Featured image from iStock, chart from Tradingview.com