According to a recent tweet by popular crypto tracker Whale Alert, over the past 24 hours, a giant sum of SHIB – several trillion meme coins – was transferred from one anonymous wallet to another.
The aforementioned blockchain tracker did not mark either of these wallet addresses as belonging to a centralized crypto exchange.
Another transaction of similar size followed roughly an hour ago.
In the meantime, the SHIB price plunged approximately 10% today, after burning a zero for a short time ovet the weekend.
Trillions of SHIB on the move
Whale Alert reported that more than 16 hours ago, a total of 4,412,252,578,938 Shiba Inu, the equivalent of $40,672,144 at the time when the transfer was made.
Less than an hour ago, 4,382,252,578,938 SHIB tokens were transferred worth $40,064,744.
The first transaction was made between two newly created wallets. For the receiving wallet it was the very first transaction. As for the second transfer, judging by the details provided by Whale Alert, the same wallet moved slightly less SHIB over to another cryptocurrency address.
The source, the purpose and the owners of the wallets engaged in these two massive SHIB transfers remain unknown.
Shiba Inu fails to hold at new peak
On Saturday, Aug. 5, leading meme coin SHIB demonstrated a price jump by nearly a whopping 20% as it surged to the $0.00001023 level and burned a zero. However, a plummet followed, taking SHIB 10.92% down by now.
At the time of this writing, the second biggest meme cryptocurrency is changing hands at $0.00000911 on the Binance exchange. The latter added SHIB as one of its new collateral assets on Friday.
Likely reasons for SHIB's upsurge
As reported by U.Today, there could be three major reasons for that. The first one is rising excitement about the likely upcoming launch of the Shibarium Layer 2 blockchain that will connect Shiba Inu and Ethereum. The event is highly likely to take place in approximately one week during the Blockchain Futurist Conference in Toronto, Canada. The pseudonymous leader of SHIB, known as Shytoshi Kusama, is expected to deliver a speech via AI during the conference and talk about Shiba Inu and Shibarium, as well as about its partners and SHIB-branded projects.
SHIB will also be one of the primary sponsors of this conference.
The second and third factors are the great confidence of investors in SHIB and the oversold SHIB market.