In recent developments, Shiba Inu (SHIB) has witnessed a surge in high-value transactions, sparking curiosity and concern within its community. Today, a staggering 4,653,778,173,637 SHIB tokens valued at $38,391,343 were transferred from Bitvavo to an unknown wallet, popular blockchain tracking service Whale Alert reported.

Increased Whale Activity After Shibarium Launch

The above whale transaction follows a similar transfer of 4,669,778,173,637 SHIB tokens worth $38,707,791 from an unknown wallet to another on the last day. The heightened activity in these high-value transactions coincides with the launch of the Ethereum-based layer-2 blockchain, Shibarium, which triggered a surge in SHIB token transfers.

These important transactions attracted the attention of the Shiba Inu community, especially after the Shibarium’s debut. The Shiba Inu team addressed the problem in response to growing worries, providing details on the technical difficulties and reassuring readers of the protection of their money. This message was intended to assuage concerns caused by the flurry of action that followed the release of Shibarium.

Shibarium’s decision to halt block production after its August 16 launch disappointed Shiba Inu fans and supporters.
As per new developments, according to Shibariumscan.io, the block explorer for Shiba Inu’s layer-2 blockchain, Shibarium has been reactivated and is actively generating blocks.

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Shiba Inu Price Continues To See Dip

Shiba Inu’s market performance over the past 24 hours has been characterized by a 2.81% decline, despite the influx of high-value transactions and the interest around Shibarium. Shiba Inu’s price is trading at 0.000008181 at the time of writing. This decrease in value contrasts with the increase in whale activity and heightens the mystery around the current scenario.

The larger cryptocurrency community is closely watching as the Shiba Inu community struggles to understand the complexities of these important token transfers and their repercussions. The Shiba Inu team’s efforts to provide clarification are commendable, but these developments serve as a reminder of how quickly the crypto world is developing.

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