Recently, a crypto whale abruptly moved trillions of Shiba Inu (SHIB) tokens as the dog-themed crypto asset prepares to unveil its new metaverse at SXSW.
Whale Alert — a whale tracking platform, tweeted that a massive SHIB token worth almost $30.48 million, was transferred from one unknown wallet to another. However, the addresses involved in the transactions are not linked to any known crypto exchanges. Thus the buying of this meme token does not appear to be tied to a purchase or sale of the popular memecoin.
This massive transfer of SHIB tokens comes in between a flurry of announcements from the Shiba Inu team. The developers of Shiba Inu say that they will soon be showcasing their new metaverse at the 2023 SXSW music and film festival in Austin, Texas.
According to Shiba Inu Ecosystem, “The unique possibilities that will be in HUBs like WAGMI Temple make SHIB: The Metaverse stand out. “HUBs are epicenters of activity within the Metaverse, offering distinctive experiences rooted in each HUB’s theme,” explains Sherri Cuono, Metaverse Advisor to Shiba Token.”
“Each offers special attractions that may only be experienced in that hub. The common thread is extensive digital or digital-plus-IRL utility including activities, commerce, customization, expression, events, education, exploring and more. Users will be able to earn passive income, collect in-game resources, generate rewards, and even have their own space to build and manage their projects in SHIB: The Metaverse,” as mentioned in Shiba Inu Ecosystem’s blog.
On the other hand, the Shiba Inu team announced its new updates to the Shibarium Network. That will soon-to-launch layer-2 scaling protocol and add Bone ShibaSwap (BONE) to be the official virtual asset used to operate the blockchain.
Shiba Inu price analysis
The trading price of Shiba Inu was $0.000010 with a 24-hour trading volume of $636.03 Million at press time. Shiba Inu price was up by 6.65% in the last 24 hours and up by almost 22% in recent 7-days. It has a market cap of $5.67 Billion.
From January 13th, 2023, cryptocurrency prices have been rising steadily. The most traded cryptocurrency, Bitcoin, touched $21,000, since November last year. BTC was trading at $20,875.64 at the time of writing. Ethereum (ETH) price has also been under a bullish trend for the last 7 days and was trading at $1,539.75 at the time of writing.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/01/14/huge-amount-of-shib-token-moved-by-crypto-whale/