Shiba Inu whale moves massive amount of SHIB tokens in crypto deal

Shiba Inu whale moves massive amount of SHIB tokens in crypto deal

In January 2023, crypto whale watchers saw a Shiba Inu whale move trillions of SHIB tokens to an anonymous person’s wallet. The whale transferred 3,272,307,240,798 SHIB, worth over $38.87 million in tokens.

These recent stirrings follow a long series of whale activities in Shiba Inu’s current bull run. Dogecoin saw a significant rise in 2023, with its value jumping by over 45 percent in the month of January alone.

Online crypto tracker Whale Alert reported that Shiba Inu saw several whales transferring at least 10 deals worth around $5.7 to $6.7 million in tokens each. These deals were made in the Ethereum (ETH) blockchain in the past week.

While the reasons for these transfers are currently unclear, Shiba Inu will see a further rise as a result of these activities. However, analysts fear that investors may quickly sell in the wake of the rise, leading to a downturn in the SHIB’s value.

Shiba Inu’s rise

Shiba Inu has seen a substantial bull run coming into 2023, with it gaining nearly half of its value in January. Shiba Inu is currently priced at around $0.000015, though its value repeatedly fluctuates over time.

The cryptocurrency is also planning to release several technological developments to innovate its current network and further expand its scope.

At present, the developers have shown previews of their layer-2 Shibarium network, an Ethereum-based solution meant to improve the speed and scalability of transactions. The team also plans to roll out a metaverse project in Austin’s 2023 South by Southwest (SXSW) festival.

Current whale activity has also inspired interest in cryptocurrency community members, leading to more trading of the meme coin.

The metaverse project, aptly called SHIB The Metaverse, will provide access to the WAGMI Temple, a brief look into one of the eleven upcoming locations in the metaverse. The WAGMI Temple will feature a historical look into the currency’s roots, games and social opportunities.