Significant Shiba Inu Whale Moves 4.65 Trillion Tokens Following Day of Accumulation

Shiba Inu

According to information from Etherscan.io, the primary holder of Shiba Inu tokens has moved a substantial amount of 4,657,881,590,632 (4.65 trillion) SHIB, with an estimated value of $38,148,050 ($38.14 million), into a newly created wallet. This significant transfer took place precisely at 02:10:11 PM +UTC on August 17th.

Shortly after the leading whale added 4,712,881,590,632 (4.71 trillion) SHIB to their holdings, valued at $42,792,964 ($42.79 million) in a single transaction just yesterday, another significant move was noted.

Conversely, a different mysterious crypto investor offloaded 979,469 Bone ShibaSwap (BONE) tokens, equivalent to $1.44 million, and 142,980,265,938 (142.98 billion) SHIB, valued at $1,303,980 ($1.30 million). The proceeds from these sales were then used to purchase 1,068,448,646,503 (1.06 trillion) PEPE tokens.

The remarkable transfers coincide with the Shiba Inu community’s celebrations for the highly anticipated launch of the Shibarium Mainnet. However, the enthusiasm surrounding this event was short-lived, as reports emerged of an unexpected glitch in the bridge system. 

Related article: Shibarium Suspends Operations, Calls in Support from Powerful Frens

According to Beosin, a reliable platform specializing in assessing crypto-related risks, approximately 965 ETH with a value of $1.7 million became trapped within the Shibarium cross-chain bridge. This unfortunate occurrence led to a temporary suspension of block production.

In response, the Shibarium developers acted swiftly. Addressing the matter, Shytoshi Kusama, the SHIB community-appointed lead, countered rumors of a bridge issue through an official blog post. Kusama clarified that Shibarium remains fully functional and dismissed concerns, attributing the recent challenges to a surge in user activity. 

He provided assurance that diligent efforts are underway to enhance the system’s scalability and performance. At present, Shibarium is operational once again, functioning without disruptions.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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