Trillions of Shiba Inu (SHIB) are on the move as the Shiba Inu team is working hard to get the Shibarium Mainnet live again.
Whale Alert, a renowned blockchain tracking platform, has identified a peculiar activity among the top whale wallets in the past 24 hours.
In a recent tweet, Whale Alert reported the transfer of 4,669,778,173,637 (4.66 trillion) SHIB, valued at $38,707,791 ($38.70 million), from an unknown wallet to another enigmatic wallet. The colossal transfer occurred in a single transaction fourteen hours ago from press time.
— Whale Alert (@whale_alert) August 20, 2023
Per Etherscan.io data, the recipient wallet is now ranked as the 25th largest holder of SHIB. Meanwhile, the sender’s wallet is left with ZERO Shiba Inu tokens.
The massive transfer comes amid the Shiba Inu developers working hard to scale up the Shibarium – Layer 2 solution.
In a recent update, Shytoshi Kusama, the lead developer of SHIB, revealed that comprehensive and rigorous blockchain testing is underway, with a paramount focus on fortifying security measures. He added, “Shibarium is live (but in private mode) producing blocks as normal.”
Shibarium encountered a critical glitch in its cross-chain bridge soon after the grand launch at Blockchain Futurist Conference 2023. Earlier reports, sourced from Boesin, a trusted platform for crypto-related risk analysis, claimed that Shibarium confronts multiple challenges leading to a temporary halt in block production. Additionally, a substantial sum of $1.7 million worth of ETH is trapped on the Ethereum bridge.
Shytoshi Kusama has quickly responded to concerns surrounding the alleged bridge malfunction. He clarified that the situation arose due to an overwhelming surge in user activity rather than an inherent Shibarium flaw.
As reported earlier by The Crypto Basic, the Shibarium developers had ramped up Shibarium scaling and capacity by 1,500%.