Shiba Inu, a meme coin with a growing fanbase, has attracted significant attention in the cryptocurrency community. Alongside Dogecoin, it has become a noteworthy contender, and the SHIB team has been proactive in various community endeavors.
Following the rollout of the Layer 2 solution Shibarium, the value of Shiba Inu (SHIB) underwent a slump. Over the past 24 hours, SHIB’s price witnessed a decrease of 4.3%, with a 25% decline recorded throughout the week.
On August 20, 2023, at 4:37:23 pm UTC, 4.6 trillion SHIB were transferred between two crypto addresses. The tokens moved from “0x50fe34e4a6A84C1Bbc7182c77db76d6A10De283c” to “0x02af9efcc299BE803194690AAaADCa6966f12Cb4.”
Also read: Ethereum’s Vitalik Buterin Moves 600 ETH to Coinbase, What’s the Motive?
Shiba Inu Whale emerges amidst a market slump
The movement indicates the rise of a new Shiba Inu whale, as the movement happened during a time when the price of SHIB was not at its best. However, the exact nature of the transfer is unclear at the moment.
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CoinGecko data shows that SHIB is hovering around $0.00000791 at press time, with a 4.3% drop in value over the last 24 hours. The second largest meme coin has dropped from a 24-hour high of $0,00000836 to stand at its current price. Despite the launch of Shibarium, Shiba Inu couldn’t reach the height that was anticipated by many.