23. September 2023

Crypto Whale Transfers $31.7M in SHIB Tokens to Binance

• A crypto whale has moved a huge amount of Shiba Inu (SHIB) tokens from Shiba Staking to Binance, worth about $31.7 million.
• Blockchain analytics firm IntoTheBlock shows that 89% of SHIB holders are sitting on losses, with 69% having held the memecoin for more than a year.
• The SHIB ecosystem continues to gain in popularity as new users experiment with its testnet and upcoming Rocket Pond land-based metaverse.

Crypto Whale Moves 4 Trillion SHIB

An unknown crypto whale is suddenly moving trillions of Shiba Inu (SHIB) tokens as the top memecoin dipped this week. Blockchain-tracking service Whale Alert notices that a deep-pocketed entity moved a total of 4,000,379,151,023 SHIB worth $31.7 million from Shiba Staking to the top global crypto exchange Binance.

SHIB Holders Take Losses

Shiba Inu was trading for about $0.00000792 at the time of the transaction, down from its seven-day high of $0.00000872. SHIB is worth $0.00000735 at time of writing, a 6.73% decline during the last 24 hours. According to IntoTheBlock, 89% of SHIB holders are sitting on losses, just 3% are profitable and 8% are breaking even. The leading blockchain analytics firm also shows that 69% of Shib Inu holders have held onto the memecoin for more than a year, 28% for a year or less and 3% for less than one month.

Ecosystem Gains Popularity

Shiba Inu’s highly anticipated new layer-2 project Shibarium continues to gain in popularity as new users increasingly experiment with its testnet. Shibarium is the Shiba Inu ecosystem’s new layer-2 protocol built on top of Ethereum (ETH), similar to Polygon (MATIC). According to blockchain explorer PuppyScan .Shib , Shibarium’s beta version has 16.7 million wallet addresses using Shibarium and is currently experiencing 536,181 daily transactions.

Metaverse Unveiled

The popular dog-themed meme asset recently released a trailer for its much anticipated Rocket Pond land-based metaverse . The SHIB developers also unveiled The Game Builder , one of the metaverse’s key functions . “This tool is powerful because it not only allows users to create spaces for leisure and fun but also provides a complete platform for landowners to generate business models or activities that can be monetized.”


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