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8.4 Trillion SHIB Exchange Hands as Shibarium Smashes New Big Milestone

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8.4 Trillion SHIB Exchange Hands as Shibarium Smashes New Big Milestone

Mon, 25/12/2023 – 15:14

8.4 Trillion SHIB Exchange Hands as Shibarium Smashes New Big Milestone
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According to recent Twitter/X posts published on by popular cryptocurrency tracker Whale Alert, large anonymous crypto holders, known within the community as whales, have moved a staggering amount of Shiba Inu meme coins evaluated an almost $100 million in fiat.

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It happened while the Layer-2 solution Shibarium scored a new important utility milestone within a day and then also saw a massive increase in daily transactions.

8.4 trillion SHIB wired by anonymous wallets

The above-mentioned blockchain tracking service spotted two massive SHIB chunks as they were transferred between unknown cryptocurrency wallets. Each transaction contained 4,239,147,213,294 SHIB coins.

This was accompanied by data from IntoTheBlock analytics aggregator which showed a 266% surge in whale activity within the last 24 hours, as reported by U.Today earlier.

However, details revealed by Whale Alert demonstrated that this was the same amount of SHIB transferred twice – first, it went to an anonymous -8b51b wallet and then further on from it.

Shibarium surpasses new big utility milestone 

Shibarium network has recently showcased an impressive growth in its transaction count, first surging to the 180 million level by Sunday evening and then adding approximately another 6 million transfers today. This metric currently stands at 186,082,902.

The level of daily transactions has also jumped, returning to 7.8 million from the 5 million “low” it witnessed last week on a small decline.

Meanwhile, the Shiba Inu community looks forward to the highly important upgrade which was announced by the SHIB team in early December. The Shibarium testnet known as Puppynet is going to be transitioned from Ethereum’s Goerli network to Sepolia which runs on the same, second largest, blockchain. This will ensure a big increase in Shibarium scalability for the SHIB development team, reduce transaction fees, and speed up transfers themselves.

Lower transaction fees and faster transfers will enable bigger burns since they depend on gas fees paid by users of Shibarium in BONE tokens. As the aforementioned upgrade takes place, in January as expected, SHIB burns will no longer be done manually by the SHIB development team and will be switched into automated mode. So far, in November and December, the team has removed over 33 billion SHIB from circulation in four massive transactions.

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