The past week has been crucial for Shiba Inu (SHIB) in its plans to shake off the memecoin label. It layer-2 network Shibarium was launched on Ethereum (ETH), which should mark the beginning of a new era. If you keep an eye on crypto news, you might know that the launch wasn’t exactly a success. The big players in the ecosystem are now involved in huge transactions on the blockchain. What is currently happening?
SHIB whales move coins
Data from the Spot On Chain platform shows that as of August 16, addresses from whales have moved a total of $131.57 million across 29 deals of at least $1 million each. August 16th was also the day the scaling network for Shiba Inu opened mainnet was started.
In total, a fortune of 15.34 trillion SHIB was moved by these whales. This corresponds to 2.4 percent of the total supply in circulation.
Taking into account the price of SHIB at the time of each trade, the total amount moved was $131.57 million, averaging $4.53 million per trade.
Of all 29 transactions, none were identified from a centralized crypto exchange to an unknown address. Such a transaction is generally a sign that a purchase has taken place. In this case, the coins are kept for the long term.
The transactions, on the other hand, often flowed from the unknown addresses to the stock exchanges. This is often related to sales intentions. A large part also consisted of transactions flowing from exchange to exchange and from unknown address to other unknown addresses. In these transactions, it is more difficult to discover the underlying motive.
As already mentioned, the launch of Shibarium was not entirely smooth. Currently, a whole mountain of Ether and BONE tokens would be tied up on the network. More specifically, it would be more than 954 ETH ($1.7 million) and $762,000 in BONE tokens. Shibarium has also been flat for two days and SHIB can call itself one of the worst performing cryptocurrencies at the moment. At the time of writing, it is no less than 22 percent lower than it was seven days ago.