Whale Moves 4.6 Tln SHIB As Shibarium Restarts

Shiba Inu News: A whale moves 4.6 trillion Shiba Inu (SHIB) tokens from an unknown wallet to another unknown wallet, reported popular whale tracking service Whale Alert on Tuesday. The much-awaited L2 Shibarium mainnet released by lead developer Shytoshi Kusama last week is under fail-safe mode after the chain received massive traffic.

Shytoshi Kusama today announced that Shibarium is almost ready to reopen to the public after two days of testing and tweaking parameters. It now has a new monitoring system and additional fail-safe mechanism including rate limiting at the RPC level and auto server reset. Moreover, additional validators are going live on the network, which increases security and enables more BONE token staking.

Whale Activity Rising Amid Shibarium Restart

An analysis of recent transactions on Etherscan revealed that recent transfers of nearly 4.6 trillion SHIB tokens are related or done by a single entity.

Wallet address “0x3442” received 4,639,778,173,637 SHIB from “0xc684” yesterday. “0x3442” transferred 4,627,778,173,637 SHIB to “0xA9d1” and 12 billion SHIB to “0x95B5.”

Similar SHIB transactions and transfers to “0x95B5” were noticed, which is happening for almost over a month. Also, a presence of a Shibarium mainnet validator token transaction indicates that it could be related to the Shibarium validator. In order to become a validator, a user must lock at least 10,000 BONE tokens.

Meanwhile, SHIB burn rate has increased by 1300% in the past 24 hours. Projects and dApps building on Shibarium are also burning SHIB tokens, helping decrease circulating supply and boost prices.

Read More: Shiba Inu Portends Another 10% Drop As Shibarium Botched Launch Bites 

SHIB and BONE Prices Remain Volatile

Shiba Inu and Bone ShibaSwap prices remain volatile amid testing and review of the Shibarium chain by the Shiba Inu developers team.

SHIB price fell 1% in the past 24 hours, with the price currently trading at $0.0000079. The 24-hour low and high are $0.00000782 and $0.00000815, respectively.

Meanwhile, BONE price jumps 1% after reports of reopening Shibarium to the public. BONE price currently trades at $1.20.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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