Shiba Inu (SHIB) lead developer, Shytoshi Kusama, announced today the reopening of Shibarium. The following 4.6 trillion SHIB transactions shocked the community.
SHIB whales react to Shibarium news
As Whale Alert reports, a huge whale recently transferred 4.6 trillion SHIB to an anonymous wallet. This transfer comes after the latest announcement by lead developer Shytoshi Kusama…
https://twitter.com/whale_alert/status/1693927383798071535
Kusama announced today that the highly anticipated L2 Shibarium has reopened. Previously, Shibarium had gone into failsafe mode due to excessive traffic.
Kusama also reported that Shibarium is about to reopen after two days of testing and parameter adjustments. The network now has a new monitoring system and additional failsafe mechanisms such as RPC-level rate limits. Additionally, additional validators are being activated to provide greater security on the network and allow more BONE token staking.
Whale activity soars as Shibarium restarts
A look at Etherscan shows that approximately 4.6 trillion SHIB tokens are associated with or held by a single wallet. Yesterday, wallet address “0x3442” received SHIB of 4,639,778,173,637 from address “0xc684”. Then, “0x3442” transferred 4,627,778,173,637 SHIB tokens to “0xA9d1” and 12 billion SHIB tokens to “0x95B5”.
Similar Shiba Inu transactions and transfers to address “0x95B5” have been in the spotlight for almost a month. Alongside this, a Shibarium mainnet validator is also observing token transaction. Which makes me think it might be related to the Shibarium validator. Users must lock at least 10,000 BONUS to earn Verifier status.
🚨 🚨 4,669,778,173,637 #SHIB (38,707,791 USD) transferred from unknown wallet to unknown wallethttps://t.co/c6LPXZFq2h
— Whale Alert (@whale_alert) August 20, 2023
At the same time, the Shiba Inu burn rate increased by 1300% in the last 24 hours. Projects and dApps developed on Shibarium also contribute to reducing supply and increasing prices by burning SHIB.
What’s next for the SHIB price?
Aside from increased whale activity and the resumption of Shibarium, the SHIB price has been having a tough time lately. After 13 August, SHIB faced losses of up to 33.1% as prices fell from 0.0000108 to 0.00000725 on 17 August. He emphasized the strength of the bears once in this fall. But the stagnant circulation metric didn’t see a sharp increase despite heavy selling pressure. This shows that many addresses choose to keep the meme coin rather than leave it in a panic.
Technically speaking, SHIB price is likely to take losses in the coming weeks as the bearish bias remains strong. The most recent rise was rejected by the $0.0000086 area, which indicates weak demand. SHIB is currently trading down 2.5% daily and 22% weekly. Meanwhile, it is about to move away from the top 15 according to market value.
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