Data from the Ethereum ($ETH) blockchain has recently revealed that a large whale holding onto the meme-inspired cryptocurrency Shiba Inu ($SHIB) moved around 4.65 trillion tokens, equivalent to around $40 million, after holding onto them for around a day.
According to the data, both sending and receiving wallets haven’t been identified, which suggests that the whale did not move the tokens to a cryptocurrency exchange in a bid to sell them. The transaction comes shortly after the launch of Shibarium, Shiba Inu’s layer-2 scaling solution.
The network’s launch was marked by a “massive influx” of users and serious issues with the network, as the network’s bridge contract – used to move funds from Ethereum into Shibarium – ended up seeing $1.7 million in ETH get stuck between both networks.
The issues led to temporary a halt in the production of new blockchain for the network that has now been resolved as the network entered a fail-safe mode to safeguard users’ funds. Shytoshi Kusama, Shiba Inu’s lead developer, noted that the traffic influx was behind the hiccup.
In a blog post, Shiba Inu developer Kaal Dhairya noted there were plans to scale the network and accommodate for the substantial amount of traffic it was receiving. In a blog post Shiba Inu’s developer Kaal Dhairya detailed strategies to enhance Shibarium’s capacity in response to significant user traffic.
He also mentioned that the team will consistently update the community on Shibarium’s progress, noting its foundation on the Polygon network. The team behind Shiba Inu has also got insurance coverage of $2 million to address potential fund retrieval challenges after the network relaunched.
After Shibarium’s initial launch, the price of the tokens within the Shiba Inu ecosystem, including $SHIB, $BONE, and $LEASH, all dropped as the issues the network was facing became apparent.
Notably, as reported, popular cryptocurrency analyst Micheal van de Poppe has revealed that he believes the meme-inspired cryptocurrency can see its value rise significantly from its current level if its able to stay above a key support level.
Featured image via Unsplash.
