Crypto whales are suddenly transferring trillions of Shiba Inu (SHIB) tokens as dog-themed crypto assets are poised to launch a new metaverse.
A huge number of SHIB tokens (3,323,256,285,484) worth about $30.48 million have been moved from one unknown wallet to another, according to a tweet from Whale Alert, a platform for tracking whales.
— Whale Alert (@whale_alert) January 12, 2023
Launching the metaverse
The addresses used in the transaction are not associated with the cryptocurrency market, so it is unlikely that this action has anything to do with buying or selling trending meme coins.
The Shiba Inu team recently made several announcements, among them a mass transfer of SHIB tokens. First, the developers of Shiba Inu said they want to unveil the new metaverse at the South by Southwest (SXSW) Festival 2023 in Austin, Texas.
A virtual reality (VR) tour of WAGMI Temple, one of 11 locations in the Shiba Inu metaverse showcasing the Dogecoin (DOGE) competition, will be featured in the exhibit.
Expand the range of Shiba Inu
In the Ethereum-based Shiba Token decentralized community project, millions of dedicated SHIB supporters are organizing a movement called #SibArmy. As a result, cryptocurrencies consistently rank among the top 15 by market capitalization. According to the Shiba Inu Ecosystem blog:
Unique possibilities in HUBs like WAGMI Temple make SHIB: The Metaverse stand out. “HUBs are the epicenter of activity within the Metaverse, offering unique experiences rooted in the theme of each HUB,” explains Sherri Cuono, his Metaverse Advisor at Shiba Token.“ Each offers special attractions that can only be experienced at that location. The common thread is a wide range of digital or digital plus IRL utilities including activities, commerce, customization, expression, events, education, exploration and more. Users can earn passive income, collect in-game resources, generate rewards, and even have their own space to build and manage projects in SHIB: The Metaverse.”
Meanwhile, the Shiba Inu team announced some of the latest upgrades for the Shibarium Network. We will soon roll out a Layer 2 scaling protocol and promote Bone ShibaSwap (BONE) as the official virtual asset associated with the blockchain.
Binance, the world’s largest cryptocurrency exchange measured by volume, has been inspired to stake a staggering 4 trillion Shiba Inu tokens as a result of the move.
At the time of writing, Shiba Inu traded at $0.00001032 with a 24-hour trading volume of $667.32 million. Shiba Inu’s price has risen by 7.72% in the last 24 hours and nearly 24% in the last 7 days, with a market capitalization of $5.655 billion.
Featured image from Somagnews, chart from Tradingview.com.