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- SHIB’s principal developer disclosed that the layer-2 network may soon be launched.
- Whales burned 1.4 billion SHIB tokens in a single transaction.
Recently, the well-known memecoin Shiba Inu has made a notable impression in the cryptocurrency sector. The memecoin continues to lead the crypto market. The alteration of the Twitter logo to DOGE by Elon Musk has made memecoins a hot topic. Subsequently, an enigmatic Shiba Inu whale unexpectedly transferred 3.4 trillion SHIB tokens valued at $40 million.
This transaction marks a significant event in the cryptocurrency realm for the memecoin. As reported by IntoTheBlock, the total SHIB transactions over the past week have amounted to $175 million. This raises the possibility that it could be an internal transaction conducted by a cryptocurrency exchange among its own addresses. Importantly, this mysterious transaction has made an impact on the industry.
Shiba Inu Team Engaged in Confidential Project
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Following the substantial transaction, SHIB’s chief developer, Shytoshi Kusama, mentioned that the Shibarium layer-2 network could potentially be launched within two to four months. This announcement provides reassurance to users, as the launch has experienced multiple delays. He also indicated that the team is focused on UI design for several confidential projects.
Concurrently, Shib Burn reported that 250,000 tokens were recently sent to the dead wallet. Additionally, within the last 24 hours, a whale burned 1.4 billion SHIB tokens in a single transaction. Overall, in the past week, the SHIB community has burned 1.8 million tokens, which is a decrease of 40.76% compared to the previous week.
As of this writing, SHIB is trading at approximately $0.00001095, reflecting a decline of 5.22%. In the last 24 hours, the trading volume of the coin has reached $278,223,092, which is an increase of 18.52%, according to CoinMarketCap.
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