Shiba Inu and its community have had to endure some difficult periods following the launch of the layer-2 network Shibarium. Despite this, on-chain data suggests many are still bullish on the ecosystem following a series of high-volume transactions.
Shiba Inu Whale Moves $38.39 Million
According to the foremost blockchain tracking platform Whale Alert, a particular user transferred 4.65 SHIB ($38.39 million) from a wallet tagged ‘Bitvavo’ to an unknown wallet (0xc684d6c5…e372c93800).
This transfer which occurred on August 21, has caught the attention of members of the SHIB community and sparked their curiosity about the reason for this transaction.
This particular transaction has, however, not occurred in insolation as two other previous transactions relate to the said transfer.
On August 17, an unknown wallet (0x7641a32a…c0100fbbcb) transferred 4.66 trillion SHIB tokens ($40.7 million) to a Bitvavo wallet (0x50fe34e4…6a10de283c).
On August 20, the Bitvavo wallet then transferred 4.67 trillion SHIB tokens ($38.71 million) to another Bitvavo wallet (0x02af9efc…6966f12cb4). It was from the Bitvavo wallet (0x02af9efc…6966f12cb4) that the $38.39 million was sent to the unknown wallet (0xc684d6c5…e372c93800).
It is worth mentioning that this unknown wallet (0xc684d6c5…e372c93800) differs from the unknown wallet (0x7641a32a…c0100fbbcb) which the SHIB tokens first emanated from.
While the circumstances regarding this transfer remain unknown, many believe such an event could signal a bullish sentiment for Shiba Inu, especially as it aims to recover from the impacts of the botched Shibarium launch.
SHIB price takes a bow below $0.000008 | Source: SHIBUSD on Tradingview.com
Retail Investors Taking An Interest In SHIB?
Interestingly, the first high-volume transfer occurred just a day after the Ethereum-based layer-2 blockchain Shibarium launched. Considering that the funds first emerged from an unmarked wallet, one could assume that the wallet doesn’t belong to any significant entity or individual and, instead, could be a retail investor who has chosen to go all in the meme coin token.
SHIB had earlier been poised to experience an upward trend following the launch of Shibarium as the layer-2 network had adopted SHIB as its governance token, which many considered bullish. Since Sibarium was projected to be a major player in the DeFI space, SHIB’s value was bound to rise as trading activity on the Shibarium network increased.
Furthermore, there had been an increased interest in SHIB in the build-up to Shibarium’s launch. A report by crypto analytics platform Santiment revealed that SHIB was one of the four top altcoins in which whales had been keenly interested since the beginning of August. Additionally, large wallets had reportedly been accumulating despite a decline in SHIB’s price.
However, this was not the case as over $2 million in ETH was reportedly stuck in the Shibarium bridge, dashing hopes of a smooth launch and triggering a decline in SHIB’s price.
As a result of this, SHIB’s price has continued to experience a downward trend since Shibarium’s launch despite earlier bullish sentiments and hasn’t reacted positively to all these whale movements.