Recently, a mysterious whale has moved trillions of tokens in the popular meme coin, Shiba Inu (SHIB), as the cryptocurrency has started to show signs of life. Whale Alert, a blockchain-monitoring service, first detected the massive SHIB transaction. According to data, the entity behind the relocation shifted 3,484,812,794,902 SHIB worth over $40 million from an unknown wallet to another unknown wallet.
Interestingly, the deep-pocketed investor paid less than $3 to transfer the huge SHIB trove worth tens of millions of dollars, highlighting the transfer fees’ minimal costs in the crypto space. A quick check by blockchain tracking website Etherscan shows that the SHIB stash remains in control of the receiving wallet.
At the time of writing, Shiba Inu is trading at $0.00001147, up nearly 7% from its seven-day low of $0.00001074. The large SHIB transfer highlights the increasing demand for the popular meme cryptocurrency, which began as a joke but has since gained widespread adoption among investors.
However, as the Shiba Inu army celebrates this latest development, SHIB’s creator, Shytoshi Kusama, has issued a warning to other crypto projects trying to use his name and large following to promote their tokens. Alongside this warning, Kusama also stated that market participants should be wary of coins claiming to be the official token of the layer-2 Shibarium project.
In a recent tweet, Kusama warned: “I am not affiliated with any token using my name or likeness unlawfully. DYOR (Do your research) and don’t get scammed. Likewise, there is no (official) Shibarium token. Shibarium is an L2 blockchain, so any you see are super [suspicious]. Need I go on SHIB army?
Shiba Inu has become one of the most popular cryptocurrency tokens in the market, with a broad following of supporters globally. This has attracted a lot of negative attention from major cryptocurrency market players, with some calling SHIB a bubble that would soon burst. However, despite the critics’ opinions, SHIB has made significant strides in the cryptocurrency industry.
As with any cryptocurrency investment, there are risks involved. Cryptocurrencies are volatile and are highly susceptible to market trends and manipulations. Investors must be wary of scammers who are always looking for new and sophisticated ways to defraud unsuspecting members of the public. Therefore, investors must carry out their research before investing their hard-earned cash in any cryptocurrency.
In conclusion, the Shiba Inu whale’s recent move has caused excitement among the cryptocurrency community, highlighting the growing demand for SHIB in the market. However, the warning by the creator of the meme coin should be a reminder to investors always to carry out their research and remain vigilant when investing in cryptocurrency to avoid scams and fraud.