There have recently been strong movements in the dog token Shiba Inu on the crypto market. After the huge price jump in the last few months, it now appears that a Shiba Inu whale has moved a significant amount of its SHIB tokens.
• Fun currency Shiba Inu achieves remarkable price jump
• Once again a Shiba Inu whale moves coins
• Serious benefit as a goal
An unidentified whale has transferred more than 4.2 trillion SHIB tokens, according to blockchain tracker Whale Alert. However, these were not sold, but were moved from an unknown wallet to another undisclosed wallet. As CoinGape reported on January 2, it is still unknown whether the whale in question is an individual or a company. However, the crypto news portal assumes that someone wanted to take profits after the Ethereum-based altcoin climbed almost 30 percent in the last 30 days.
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?? ?? 4,254,147,213,294 #SHIB (46,468,050 USD) transferred from unknown wallet to unknown wallethttps://t.co/D5BkxJXp8b
– Whale Alert (@whale_alert) December 24, 2023
The coins were worth almost $46.5 million, which is why the transaction caused quite a stir in the crypto community. Since the dog coin is actually very popular with owners of larger wallets, but several other of these so-called whales have already moved their holdings in the past year, there is now growing concern in the market about the effects of such large transfers.
More than just a meme coin
After tech visionary Elon Musk After his tweets triggered a hype on Dogecoin, several new coins were created – including Shiba Inu – that are intended to combine the fun factor with useful properties. For example, a total of one quadrillion coins were created from the decentralized cryptocurrency Shiba Inu as a result of this hype. Since this token is based on the Ethereum blockchain and meets the ERC20 standard, it can also be traded on decentralized Ethereum exchanges.
While the Dogecoin parodies Bitcoin, Shiba Inu is actually a parody of the parody, because both digital coins are adorned with the head of the Japanese dog breed of the same name, of which Elon Musk owns a real dog. Nevertheless, the Shiba Inu coin also attracted great interest in the crypto community and developed into a meme coin. With a market capitalization of over 5.79 billion US dollars (as of January 5, 2024), it is now the 17th most important cryptocurrency.
But the Shiba Inu wants to be more than just a fun currency. According to the white paper, the goal is to build an ecosystem that gives the token actual utility. It should be able to be used as a means of payment, for example for leisure activities.
Editorial team finanzen.net