- Whale activity on Shiba Inu has shot up with a mysterious whale moving 4.7 trillion SHIB coins to an unknown wallet.
- In an update, lead developer Shytoshi Kusama said that bridge contracts are working fine on Shibarium and block production has reportedly started again.
The world’s second-largest memecoin Shhiba Inu (SHIB) has come under severe selling pressure as the launch of the Layer-2 scalability platform Shibarium hits a major roadblock. A staggering 956 ETH worth around $1.7 million was stuck on the Shibarium bridge.
The current developments have ensued strong selling of SHIB by investors leading to strong liquidations. As we reported, bankrupt cryptocurrency lender Voyager is offloading a significant amount of its Shiba Inu (SHIB) holdings, selling millions’ worth of the cryptocurrency on the Coinbase exchange based in the US.
Information from the blockchain analytics platform Lookonchain indicates that over the past few days, Voyager has sold 49 distinct tokens on Coinbase, totaling around $63 million.
On the other hand, the whale activity on the Shiba Inu blockchain has also skyrocketed recently with a mysterious whale moving trillions of SHIB coins. On-chain data provider Santiment reports “an increased amount of transactions valued at $1M or more, in particular. As one of the memecoins that was enjoying a heavy rally during the first half of August, it appears that many large wallets are making big transactions as the prices has fallen back down to earth.”
Latest on-chain data shows that a well-capitalized Shiba Inu (SHIB) investor has suddenly moved a massive amount of 4,654,881,590,632 tokens, equivalent to approximately $40.7 million, from an undisclosed wallet to another undisclosed wallet.
😺 #ShibaInu is seeing big whale activity after its plummet back below $0.00001 commenced the past few days. 4.7T $SHIB coins (worth over $41M) were moved to a new cold wallet, making it the 7th largest move on the network in 2023. Watch for volatility. https://t.co/Ivm2JR9Cx5 pic.twitter.com/bT33ZO21N5
— Santiment (@santimentfeed) August 17, 2023
‘All Is Well’ With Shibarium
there was a huge uproar in the crypto community on Thursday, as the Shibarium network faced major bridge issues and technical glitches. In a recent blog article, the anonymous lead developer of SHIB, known as Shytoshi Kusama, assures that the layer-2 protocol remains stable despite the high level of activity. He also mentioned that the SHIB team was surprised by the unexpected outcome. Kusama added:
We’ve seen [the]Shib Army bring down large exchanges, websites, and other things. For the first time, our decentralized team has felt the power of the Shib Army in full. It’s insane really… Although we expected a very busy moment, we never expected THIS much traffic, instantly.
Lead developer Shytoshi Kusama confirmed that the network experienced issues due to high traffic, but assured users that their funds remain secure. He also clarified that both the bridge and the chain are functioning properly, and Shibarium will soon be back up and running.
According to the Shibariumscan.io block explorer, Shiba Inu’s layer-2 blockchain Shibarium is now operational and producing blocks. The network had temporarily entered a fail-safe mode to safeguard funds as traffic exceeded expectations following the launch of the Shibarium mainnet.
In an official blog post on August 18, Shiba Inu developer Kaal Dhairya revealed plans to scale operations to handle the substantial traffic on Shibarium. The team will also provide regular updates to regulators about the status of the Shibarium network, which is a fork of Polygon.
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