Whale Alert Reports Massive SHIB Token Transfer

The famous whale monitoring service Whale Alert reported on Tuesday that a whale moved 4.6 trillion Shiba Inu (SHIB) tokens from an unknown wallet to an anonymous wallet.

The highly anticipated L2 Shibarium mainnet, released last week by primary developer Shytoshi Kusama, is in fail-safe mode due to heavy traffic.

After two days of testing and adjusting parameters, Shytoshi Kusama has announced that Shibarium is nearly ready to reopen to the public.

It is now equipped with a new monitoring system and additional fail-safe mechanisms, such as rate limiting at the RPC level and automatic server reset.

In addition, different validators are becoming operational on the network, which enhances security and facilitates increased BONE token staking.

According to an analysis of recent transactions on Etherscan, current transfers of roughly 4,6 trillion SHIB tokens are related to or conducted by a single entity.

Yesterday, the wallet address “0x3442” received 4,639,778,173,637 SHIB from 0xc684; “0x3442” sent 4,628,778,176,367 SHIB to “0xA9d1” and 12 billion SHIB to “0x95B5.”

Similar SHIB transactions and transfers to “0x95B5” have been observed for nearly a month. In addition, a Shibarium mainnet validator token transaction suggests that the transaction may be associated with the Shibarium validator.

To become a validator, a user must secure a minimum of 10,000 BONE tokens.

In the past 24 hours, the SHIB combustion rate has increased by 1300%.

Building on Shibarium, projects and dApps are also burning SHIB tokens, which helps reduce the circulating supply and raise prices.

Shiba Inu and Bone ShibaSwap prices remain volatile as the Shiba Inu developers team tests and reviews the Shibarium chain.

The price of SHIB has decreased by 1% over the past twenty-four hours and is currently trading at $0.0000079.

The 24-hour low is $0.00000782, and the 24-hour high is $0.00000815.

Moreover, the price of BONE increased by 1% following news that Shibarium would reopen to the public. The current BONE price is $1.20.