As the dog-themed crypto asset prepares to launch its new metaverse, a crypto whale suddenly transfers billions of Shiba Inu (SHIB) tokens.
According to a tweet from Whale Alert, a whale tracking platform said a large number of SHIB tokens (3,323,256,285,484) worth almost $30.48 million were moved from a wallet. unknown to another.
🚨 🚨 3,323,256,285,484 #SHIB (30,458,751 USD) transferred from an unknown wallet to an unknown wallet
— Whale Alert (@whale_alert) January 12, 2023
The addresses used in the trades are not associated with the cryptocurrency markets, so the action is unlikely to have anything to do with the coin buying or selling in the same trend.
The Shiba Inu team made several announcements recently, and this massive transfer of SHIB tokens happened in the middle of it. First, the Shiba Inu developers said they want to unveil their new metaverse at the 2023 South by Southwest (SXSW) festival in Austin, Texas.
A virtual reality (VR) tour of WAGMI Temple, one of 11 places in the Shiba Inu Metaverse featuring the Dogecoin (DOGE) contest, will be featured in the exhibit.
Expanding the Shiba Inu’s Scope
For the decentralized Ethereum-based community project Shiba Token, millions of dedicated SHIB supporters have organized themselves into a movement they call the #ShibArmy. As a result, the cryptocurrency is consistently placed in the top 15 by market cap. According to the Shiba Inu Ecosystem blog:
The unique possibilities that will be in HUBs like WAGMI Temple make SHIB: The Metaverse stand out. “HUBs are epicenters of activity within the Metaverse, offering distinctive experiences rooted in each HUB’s theme,” says Sherri Cuono, Metaverse Advisor at Shiba Token.“Each offers special attractions that can only be experienced at that hub. The Common Thread is a broad digital or digital plus IRL utility, including activities, commerce, personalization, expression, events, education, exploration and more. Users will be able to earn passive income, collect in-game resources, generate rewards, and even have their own space to build and manage their projects in SHIB: The Metaverse.
On the other hand, the Shiba Inu team has just announced the latest updates to the Shibarium network. It will soon deploy a layer 2 scaling protocol and promote Bone ShibaSwap (BONE) as an official virtual asset associated with the blockchain.
Binance, the world’s largest cryptocurrency exchange measured by volume, was prompted to stake an incredible 4 trillion Shiba Inu tokens following the move.
At press time, Shiba Inu’s trading price was $0.00001032 with a 24-hour trading volume of $667.322 million. The Shiba Inu price is up 7.72% in the last 24 hours and almost 24% in the last 7 days, with a market capitalization of $5.655 billion.
Featured image from Somagnews, chart from Tradingview.com.