Shiba Inu (SHIB), a meme-inspired cryptocurrency, has seen a notable increase in high-value transactions, with each costing $1 million or extra. Following a powerful worth enhance within the first half of August, this spike in transactions clearly gathered traction.

Following the coin’s worth explosion, a notable sample began to emerge: whales made important volumes of crypto motion even because the meme coin’s costs noticed a correction.

An enormous shift was just lately revealed by information supplied by Whale Alert, a web site that tracks important cryptocurrency transactions, and it was masterminded by a single entity that had a sizeable quantity of Shiba Inu tokens.

🚨 🚨 4,657,881,590,632 #SHIB (40,747,148 USD) transferred from unknown pockets to unknown pocketshttps://t.co/g1D0dVuUjY

— Whale Alert (@whale_alert) August 17, 2023

Shiba Inu Whale Strikes $40 Million In Meme Cash

This crypto whale carried out an unprecedented switch of 4.65 trillion SHIB tokens, or concerning the equal of $40 million. This large switch occurred on August 17, exactly, throughout a single day.

The thriller surrounding the supply and recipient of those huge sums of SHIB tokens solely heightens the curiosity on this circumstance. This means that the crypto whale’s objectives went past merely promoting the tokens on an alternate.

The Shiba Inu group’s joyous celebration of the Shibarium Mainnet launch, a milestone for the cryptocurrency’s ecosystem, coincides with these substantial transfers.

Nevertheless, there have been some worries that accompanied the announcement of the Shibarium Mainnet, and these had an impression on the pricing of Shiba Inu. The day earlier than the launch-related festivities, the value of SHIB dropped by 11%.

The cryptocurrency finally recovered a few of its losses, and as of the time of this publication, its worth had stabilized at roughly $0.0000086.

It’s fascinating to notice how totally different “whales” and significant holders, or these with massive holdings of Shiba Inu tokens, appeared to react regardless of the uncertainty attributable to the Shibarium launch-related worries.

This reveals that the assorted methods and viewpoints held by these vital stakeholders concerning the present Shiba Inu ecosystem developments.

Shiba Inu (SHIB) is at the moment buying and selling at $0.00000845. Chart: TradingView.com

Euphoria And Setback: Shibarium Mainnet Launch

In the meantime, the euphoria across the Shibarium Mainnet launch was short-lived resulting from an unexpected glitch within the Bridge, which quickly halted block manufacturing.

This incident induced over $1.7 million price of ETH to be caught within the Shibarium cross-chain bridge, leading to a decline within the costs of tokens throughout the Shiba Inu ecosystem, together with SHIB, BONE, and LEASH.

Nevertheless, the builders of Shibarium swiftly addressed the difficulty. The community-appointed SHIB lead, Shytoshi Kusama, reassured the group by an official weblog put up that Shibarium is operating easily.

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Featured picture from Altcoin Investor