The Shiba Inu meme coin, popularly known as SHIB, has once again captured the attention of the cryptocurrency community. Recent reports from the well-known cryptocurrency tracker, Whale Alert, disclose a substantial exchange of 8.4 trillion SHIB, amounting to nearly $100 million in fiat currency. This significant event aligns with a noteworthy milestone for the SHIB ecosystem – the Shibarium network achieving a significant utility milestone within a single day.
Whale Movements Impact the SHIB Market
The blockchain tracking service, Whale Alert, detected two substantial SHIB transactions involving anonymous wallets. In each transaction, an astounding 4,239,147,213,294 SHIB were transferred. Data from the IntoTheBlock analytics aggregator initially indicated a 266% surge in whale activity in the last 24 hours. Further investigation revealed that this surge resulted from the same amount of SHIB being transferred twice. Initially moving to an anonymous wallet (-8b51b), the funds were subsequently forwarded to another destination.
Impressive Growth of Shibarium
Concurrently, the Shibarium network exhibited remarkable growth in its transaction count, reaching 191 million. This highlights the heightened activity on the network. Additionally, daily transactions rebounded to 7.5 million, a significant recovery from the previous week’s low of 5 million transactions.
Eager Anticipation for the Upgrade
Amid these developments, the Shiba Inu community eagerly awaits a significant upgrade announced by the SHIB team in early December. The Shibarium testnet, known as Puppynet, is poised to transition from Ethereum’s Goerli network to Sepolia, operating on the second-largest blockchain. This transition aims to enhance Shibarium’s scalability, reduce transaction fees, and expedite transfers. Lower transaction fees and faster transfers will facilitate more substantial burns. It further relies on gas fees paid in BONE tokens by Shibarium users.
Automated SHIB Burns on the Horizon
With the anticipated upgrade scheduled for January, SHIB burns will undergo a transformative shift from manual execution by the SHIB development team to automated mode. This transition follows the removal of over 33 billion SHIB from circulation in November and December through four significant transactions. As the community embraces these advancements, the Shibarium network is poised for enhanced efficiency and scalability, reaffirming its position in the dynamic world of cryptocurrency.
The recent exchange of 8.4 trillion SHIB coins and the impressive growth of the Shibarium network underscores the dynamic nature of the Shiba Inu ecosystem. As the community eagerly anticipates the forthcoming upgrade and the shift to automated SHIB burns, the future appears promising for SHIB enthusiasts and investors alike.