A top Shiba Inu whale recently transferred more than 4.65 trillion SHIB tokens to a mysterious wallet. The funds’ movement comes within 24 hours of the whale’s accumulation. The on-chain data provider, Etherscan.io, revealed the whale’s transfer of SHIB coins on August 17 at 02:10:11 PM +UTC.
Whale Accumulates and Dump Massive SHIB Coins Within 24 Hours
According to the data, the whale completed the transfer in a single transaction worth over $38.14 million in the crypto market. The whale’s transfer is coming after it amassed 4,712,881,590,632 SHIB coins. The purchase, worth over $42.79 million, occurred in a single transaction earlier the same day.
🚨 🚨 4,712,881,590,632 #SHIB (43,285,460 USD) transferred from unknown wallet to unknown wallethttps://t.co/Umqr7S1qsg
— Whale Alert (@whale_alert) August 17, 2023
Further, the investor sold off 979,469 Bone ShibaSwap (BONE) worth $1.44 million and over 142.98 billion SHIB coins worth $1.30 million. The whale later used the proceed to accumulate 1.06 trillion Pepe coins (PEPE).
Shiba Inu Layer 2 Solution Network Shibarium Encountered Hitch After Launch
The Shiba Inu community recently witnessed the launch of its long-awaited Shibarium Mainnet, the layer 2 solution network. But the celebration mood was short-lived as it suffered a Bridge glitch causing it to shut down, creating a temporary halt in blocks production.
According to data from a prominent platform specializing in crypto-based risk analysis, Beison, some users’ funds were trapped in the network. It reported that about 965 ETH coins worth $1.7 million remained within the Shibarium Bridge.
The risk analytics provider advised users to stop using the bridge until the issues were handled.
🚨Transactions on #Shibarium are stuck in a pending state.
$1.7M are currently locked on ETH.Users are advised to temporarily stop using shibarium.https://t.co/io5puAibBc https://t.co/q2SXqtthoO
— Beosin Alert (@BeosinAlert) August 17, 2023
Following the unforeseen circumstance, several reactions and rumours erupted within the crypto community. However, the Shiba Inu development team has quickly stepped in to handle the situation.
Additionally, the Shiba Inu lead developer Shytoshi Kusama dispersed some baseless rumours from some SHIB opponents. Kusama’s official blog post reassured users that all is well with Shibarium.
According to the lead developer, the situation is not an issue with Shibarium but from a massive influx of transactions that occurred at once when the bridge went live.
The large transaction caused the Shibarium Bridge to enter into a fail-safe mode.
Kusama noted that the SHIB team is working tirelessly with other collaborations to scale the Shibarium network and keep it functioning again.
Similarly, another Shiba Inu top developer, Kaal Dhairya, gave an update regarding Shibarium scaling. He stated that Shibarium developers worked with the Unification team and other top blockchain developers.
Also, Dhairya mentioned all users’ funds are safe on the network, and the team plans to ensure all paused funds as an additional assurance to users. A recent tweet from Shib Knight disclosed that Shibarium is already up and has resumed operations with block productions in place.
