A crypto whale is suddenly moving more than $28.7 million in Shiba Inu (SHIB) as the network is expected to soon undergo a layer-2 upgrade.
According to blockchain tracker and whale-surveying platform Whale Alert, an unknown wallet late more than 3.37 trillion SHIB to another unknown wallet.
There was a gas fee for the transaction of 0.00179 Ethereum (ETH), worth about $2.46.
At the time of writing, the sending wallet has a zero SHIB balance while the receiving wallet holds the full sent amount, according to Etherscan data.
At the time of writing, SHIB is changing hands at $0.00000853.
The Shibarium project is the soon-to-launch layer-2 blockchain for the Shiba Inu network. The layer-2 blockchain is a scaling solution intended to address the low transaction speed of Shiba Inu’s host chain Ethereum. Shibarium recently selected Bone ShibaSwap (BONE) for its utility token to use for blockchain transaction fees and for other activities. BONE also allows users to vote on upcoming proposals.
A date for the Shibarium project launch remains unclear, but it is expected this year. The pseudonymous developer known as Shytoshi Kusama said last month that Shibarium is set to arrive “very soon.”
In addition, Shiba Inu could see its value increase with the planned introduction of new features including the burning of SHIB tokens.
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