U.Today has reported that one anonymous user has purchased 850 billion SHIB ahead of the highly-anticipated Shibarium beta launch. With the Layer-2 protocol on the horizon for the meme coin, some members of the SHIB Army are opting to add more of the token to their cryptocurrency asset stash.
The purchase was originally reported on Twitter by user @needazar, who shared a screenshot of a successful purchase involving nearly 850 billion SHIB. The transaction showed the user paid just over $9.2 million in USD for the digital assets.
Although many assumed the original poster was behind the transaction, he quickly disputed the claim, according to the initial report. Stating that it was not he who purchased the massive amount of Shiba Inu, but another anonymous user.
The purchase is likely to be related to the news of Shibarium’s beta release. As the rumors began to spread around Twitter, it was likely to have a positive effect on both the price of Shiba Inu and its trade volume.
Both SHIB and ShibaSwap (BONE) are expected to see a massive price surge when the long-awaited update is finally launched. Conversely, the latter is a token that will be utilized to pay certain transaction fees that occur on the network.
Furthermore, it was reported by U.Today that the anonymous user has transferred half of the SHIB purchase, equating to 443 billion, to the OKX crypto exchange. Moreover, the report notes the decision is likely connected to the user’s desire to sell the tokens.
Conclusively, some of the largest whales on the Ethereum blockchain are now holding upwards of 50.5 trillion Shiba Inu. Comprising around 16% of their total portfolio, according to the report.