A brand new Shiba Inu Whale scooped up $42.79 million worth of SHIB following the Shibarium Mainnet launch.
Etherscan.io data reveals that a newly surfaced whale scooped up 4,712,881,590,632 (4.71 trillion) SHIB, valued at $42,792,964 ($42.79 million) in a single transaction executed about two hours ago from press time.
The massive accumulation propelled the mysterious Whale to become the 25th biggest SHIB holder.
Whales Alert, a leading blockchain tracking platform, was the first to call attention to the development.
— Whale Alert (@whale_alert) August 17, 2023
The Whales’ interest in Shiba Inu revived after the SHIB development team officially released the highly anticipated Shibarium – Layer 2 Solution and the complete SHIB paper, spanning hundreds of pages at the Blockchain Futurist Conference 2023.
During the event, the Shiba Inu team also introduced its partners, including Unification, Shibacals, and Bad Idea AI, to the world. The hype surrounding Shibarium reached its peak at a time the Shiba Inu team showcased hundreds of projects that are ready to build on Shibarium.
It’s bearing mentioning that Shibarium, a layer-2 scaling solution, is designed to reduce gas fees and make transactions more efficient for the Shiba Inu ecosystem. The Shiba Inu team has also confirmed that Shibarium will burn SHIB on every transaction executed on the network.
In addition, Bone ShibaSwap (BONE) will play a crucial role in the Shibarium Network, serving the network as a native gas token. This means the users would need to acquire BONE to perform each transaction on the network.
On the other hand, the Shiba Inu Community is showing its unwavering commitment to reducing the gigantic supply of SHIB. As reported earlier by The Crypto Basic, the Community has set fire to 357,075,351 (357.07 million) SHIB through forty-seven separate transactions in the past 24 hours.