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.<\/p>\n
According to the data, both sending and receiving wallets haven\u2019t 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\u2019s layer-2 scaling solution.<\/p>\n
The network\u2019s launch was marked by a \u201cmassive influx\u201d of users and serious issues with the network, as the network\u2019s bridge contract \u2013 used to move funds from Ethereum into Shibarium \u2013 ended up seeing $1.7 million in ETH get stuck between both networks.<\/p>\n
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\u2019 funds. Shytoshi Kusama, Shiba Inu\u2019s lead developer, noted that the traffic influx was behind the hiccup.<\/p>\n
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\u2019s developer Kaal Dhairya detailed strategies to enhance Shibarium\u2019s capacity in response to significant user traffic.<\/p>\n
He also mentioned that the team will consistently update the community on Shibarium\u2019s 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.<\/p>\n
After Shibarium\u2019s 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.<\/p>\n
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.<\/p>\n