Huge amount of SHIB tokens moved by Crypto Whale

Recently, a crypto whale abruptly moved trillions of Shiba Inu (SHIB) tokens as the dog-themed crypto asset prepares to unveil its new metaverse at SXSW.

Whale Alert – a whale tracking platform, tweeted that a huge SHIB token worth nearly $30.48 million was transferred from one unknown wallet to another. However, the addresses involved in the transactions are not tied to any known crypto exchange. Thus, the purchase of this meme token does not appear to be tied to a purchase or sale of the popular memecoin.

This massive transfer of SHIB tokens comes between a flurry of Shiba Inu team announcements. The Shiba Inu developers announce that they will soon be showcasing their new metaverse at the 2023 SXSW Music and Film Festival in Austin, Texas.

According to Shiba Inu Ecosystem, “The unique possibilities that will be in HUBs like the WAGMI Temple make SHIB: The Metaverse stand out.” HUBs are epicenters of activity within the Metaverse, providing distinctive experiences rooted in the theme of every HUB,” says Sherri Cuono, Metaverse Advisor at Shiba Token.

“Each offers special attractions that can only be experienced at that hub. The Common Thread is a broad digital or digital plus IRL utility, including activities, commerce, personalization, expression, events, education, exploration and more. Users will be able to earn passive income, collect in-game resources, generate rewards, and even have their own space to build and manage their projects in SHIB: The Metaverse,” as mentioned in the Shiba Inu Ecosystem blog.

On the other hand, the Shiba Inu team announced their new Shibarium network updates. This will soon launch the Layer 2 scaling protocol and add Bone ShibaSwap (BONE) as an official virtual asset used to run the blockchain.

Shiba Inu Price Analysis

Shiba Inu’s trading price was $0.000010 with a 24-hour trading volume of $636.03 million at press time. The Shiba Inu price has increased by 6.65% in the last 24 hours and by almost 22% in the last 7 days. It has a market cap of $5.67 billion.

Source: Coin Marketcap

Since January 13, 2023, cryptocurrency prices have steadily increased. The most traded cryptocurrency, Bitcoin, has touched $21,000 since November last year. BTC was trading at $20,875.64 at the time of writing. The price of Ethereum (ETH) has also been trending up over the past 7 days and was trading at $1,539.75 at the time of writing.

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