Shiba Inu ($SHIB), a meme-inspired cryptocurrency, was held by a massive whale for almost a day before being sold for about 4.65 trillion tokens, or about $40 million, according to data from the Ethereum ($ETH) blockchain.
The fact that neither the sending nor the receiving wallets have been located in the data shows that the whale did not transfer the tokens to a cryptocurrency exchange with the intention of selling them. The transaction takes place soon after Shibarium, Shiba Inu’s layer-2 scaling solution, was introduced.
The network’s launch was highlighted by a “massive influx” of users and significant network problems, including the network’s bridge contract, which was supposed to transmit $1.7 million in ETH from Ethereum into Shibarium, becoming trapped between the two networks.
The network temporarily stopped producing new blockchains due to the problems, but it has since resumed production after going into fail-safe mode to protect users’ assets. Lead developer for Shiba Inu, Shytoshi Kusama, pointed out that the spike in traffic was what caused the problem.
Shiba Inu creator Kaal Dhairya stated in a blog post that there were plans to scale the network to handle the significant amount of traffic it was receiving. Shiba Inu’s developer Kaal Dhairya provided techniques for boosting Shibarium’s capacity in response to heavy user traffic in a blog post.
He also said that the group would keep the neighborhood informed about Shibarium’s development, pointing out that it was built on the Polygon network. The Shiba Inu team also has $2 million in insurance coverage to deal with any potential fund recovery issues after the network is relaunched.
The price of the tokens in the Shiba Inu ecosystem, including $SHIB, $BONE, and $LEASH, fell after Shibarium’s initial debut as the problems the network was experiencing became clear.
Notably, as previously reported, well-known cryptocurrency analyst Micheal van de Poppe said he thinks the meme-inspired cryptocurrency’s value can grow dramatically from its present level if it can maintain above a crucial support level.