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.
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.