In a recent tweet, data analytics firm Santiment has drawn attention to notable whale activity surrounding the Shiba Inu (SHIB) cryptocurrency, following its decline below the $0.00001 mark in the past few days. A staggering 4.7 trillion SHIB coins, valued at over $41 million, have been transferred to a newly established cold wallet.
This substantial movement ranks as the seventh-largest transaction on the SHIB network for the year 2023. Investors and observers are advised to closely monitor the market for potential increased volatility as a result of these developments.
According to data by CoinMarketCap, the value of Shiba Inu (SHIB) has experienced a significant drop over the course of the last 24 hours, in tandem with broader market trends. The SHIB coin’s value plummeted by a substantial 12.4% within the past day. This broader market decline is primarily attributed to Bitcoin’s retreat, with the flagship cryptocurrency witnessing a dip to $25,400.
Presently, up-to-date data indicates that the Shiba Inu price rests at $0.000008, coupled with a 24-hour trading volume that exceeds $477 million, reflecting a 13% increase. However, within the past 24 hours, Shiba Inu has suffered an 8.79% decrease in value, further accentuated by a significant 16% dip in its weekly performance.
Shiba Inu (Shibarium) Team Addresses Technical Challenges
Meanwhile, an update regarding Shiba Inu Shibarium, the team responsible for the newly introduced Shibarium mainnet has dismissed reports suggesting bridge malfunctions and asset losses, asserting that the circulated screenshots within the cryptocurrency community are inaccurate.
In an official blog post, Shytoshi Kusama, one of the co-founders of the Shiba Inu ecosystem, attributed the technical difficulties encountered on the Shibarium Ethereum layer-2 scaling blockchain to a substantial surge in transactions and user engagement. The Shibarium mainnet had been launched only hours prior to these complications.
Shedding light on the situation with data sourced from Alchemy, Kusama disclosed that the project had allocated a monthly quota of 400 million compute units. However, the network experienced an overwhelming influx of 160 million compute units in a mere 30-minute window following Shibarium’s launch.
Kusama emphasized the unexpected nature of this extraordinary traffic surge, stating, “Although we anticipated a period of heightened activity, the instantaneous magnitude of this traffic exceeded our projections.”
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