Amid the joyous mood of the festive season, the Ethereum-based meme coin, Shiba Inu has witnessed massive whale activity over the past 24 hours, causing speculation around the crypto community.
Shiba Inu Sees Substantial Whale Activity
A recent report revealed that a Shiba Inu whale has moved about 4 trillion SHIB tokens to an unidentified wallet. The whale activity came amidst the crypto asset’s price decline in tandem with the decline in the SHIB burn rate.
Data from the on-chain tracker, Whale Alert, shows the unknown wallet 0x9c570088…a22fd8b51b move 4,239,147,213,294 SHIB to the unknown wallet address 0x72c3f4fc…fa8d75d719.
The on-chain tracker reported that the whale transaction was valued at $45.12 Million as of the time the transfer was made. Despite the magnitude of this transaction, the gas fee used to initiate the transfer was significantly low.
Shiba Inu appears to be experiencing substantial whale activity of this size lately. This marks the second time that such transactions have been carried out in the past few days.
On Sunday, December 24, Whale Alert also reported another whale transaction carried out by an unknown wallet. The whale transaction saw a staggering 4.25 trillion SHIB being transferred to an unidentified wallet, according to the on-chain tracker.
The data shows that the aforestated SHIB was sent to the unknown wallet address 0x9c570088…a22fd8b51b by the wallet address 0x3ce6bed2…87d896c59f. As of the time of the transaction, the 4.25 trillion SHIB was valued at a whopping $46 million.
In just two days, over 8.4 trillion SHIB tokens have been moved between unknown wallet addresses. This has since sparked speculations within the Shiba Inu community about whether these transactions signify a bearish or a bullish move.
Nonetheless, the transfer of SHIB between unidentified wallets during a price decline might suggest that traders are feeling more confident.
Shibarium Reaches Another Transaction Milestone
Shiba Inu Layer 2 blockchain network Shibarium, has recently crossed a whopping 190 million in network transactions. This marks another major milestone for the project, indicating robust strength and activity within the ecosystem.
According to data from Shibariumscan.io, the total number of completed transactions within the network is approximately 192,000,000. In addition, approximately 1,320,000 active addresses on the network contributed to this significant number of transactions.
Furthermore, the Shibarium network’s daily transactions are currently sitting at about 7.53 million. Shibarium’s transaction volume has since increased from an average of 20,000 daily to over 7 million daily, putting the network in the limelight.
Since it initially went past 7 million transactions daily over the past weeks, the blockchain has continued to maintain within that range. The rise in daily transactions demonstrates the meme coin’s quick growth and widespread adoption in the past few months.
Currently, the price of Shiba Inu is down by 1% in the past 24 hours, trading at $0.00001067 as of the time of writing. Data from CoinMarketCap shows thatiIts trading volume is also down by 5%, currently sitting at $185.31 million.
Featured image from iStock, chart from Tradingview.com
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