According to recent posts by the popular cryptocurrency tracker Whale Alert, large anonymous crypto holders, known as whales, have transferred an astonishing amount of nearly $100 million worth of Shiba Inu meme tokens. This activity coincides with a significant milestone for the Layer-2 solution Shibarium, which saw a substantial increase in daily transactions.
The transactions involved the movement of 8.4 trillion SHIB tokens through anonymous wallets. The blockchain monitoring service identified two major SHIB transfers, each consisting of 4,239,147,213,294 SHIB tokens. Data from the analytics aggregator IntoTheBlock highlighted a 266% surge in whale activity within the last 24 hours.
Shibarium’s network has recently demonstrated impressive growth in transaction numbers. On Sunday evening, the number of transactions peaked at 180 million and added approximately 6 million more transfers today. The current transaction metric stands at 186,082,902, with the daily transaction level rebounding to 7.8 million from a “low” of 5 million witnessed last week.
Furthermore, the Shiba Inu community eagerly anticipates a crucial upgrade announced by the SHIB team at the beginning of December. The Shibarium testnet, known as Puppynet, will transition from Ethereum‘s Goerli network to Sepolia, which operates on the same second-largest blockchain. This move is expected to significantly enhance Shibarium’s scalability, reduce transaction fees, and possibly accelerate transfers.
Lower transaction fees and faster transfers could lead to larger burns of BONE tokens, as they are dependent on the gas fees paid by Shibarium users. With the anticipated upgrade, SHIB burning processes will no longer be manually conducted by the SHIB development team but will switch to an automatic mode in January. To date, the team has removed over 33 billion SHIB from circulation through four major transactions in November and December.