Shibarium Crushes New Major Milestone as 8.4 Trillion SHIB Change Hands

Recent tweets released by the widely-read cryptocurrency tracker Whale Alert state that massive anonymous cryptocurrency holders, often referred to as “whales” in the community, have traded Shiba Inu meme currencies worth about $100 million in fiat cash.

The Layer-2 solution Shibarium achieved a new significant utility milestone in the span of a day and saw a significant spike in daily transactions at the same time.

Two huge SHIB chunks were detected during a transfer between two anonymous crypto wallets by the blockchain monitoring service stated earlier. With each purchase, 4,239,147,213,294 SHIB were exchanged.

Along with this, data from the analytics aggregator IntoTheBlock revealed a 266% increase in whale activity over the previous 24 hours, according to a previous report by U.Today.

Nevertheless, information provided by Whale Alert proved that the same sum of SHIB was moved twice: first, it went to a wallet associated with an unknown user named -8b51b, and then it continued onwards.

The number of transactions on the Shibarium network has been growing at a remarkable rate as of late, reaching 180 million by Sunday night and adding another 6 million transfers today alone. The current value of this statistic is 186,082,902.

Also seeing a significant increase is the daily transaction level, which has rebounded from last week’s “low” of 5 million to 7.8 million after a little dip.

At the same time, the Shiba Inu community is eagerly anticipating the SHIB team’s announcement of the critically crucial update in early December. Sepolia, which operates on the same, second-largest blockchain as Ethereum, will replace the Goerli network as the future home of the Shibarium testnet, Puppynet. As a result, the SHIB development team may be certain that Shibarium will be much more scalable, transaction costs will be much reduced, and transfers will be much faster.

Since quicker transfers and lower transaction costs are dependent on gas fees paid by Shibarium users in BONE tokens, greater burns will be possible. With these improvements set to happen in January as planned, the SHIB development team will transition from manual to automated SHIB burns. Over the course of November and December, the group executed four huge transactions, removing 33 billion SHIB from circulation.

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