New Whale Snatches 237.8 Billion SHIB Following Significant Shiba Inu Progress

As confidence in the meme coin Shiba Inu rises among investors, a new whale emerges, signaling growing interest and investment in the cryptocurrency.

As per data from Etherscan, a newly created cryptocurrency wallet bought several hundred billion SHIB meme coins just over a day ago.

New Shiba Inu Whale Emerges Amid Big Purchase and Development News

A significant transaction involving the transfer of 237,868,630,126 SHIB tokens, valued at $6,290,435, occurred from an anonymous wallet. This suggests either an over-the-counter (OTC) purchase or a large holder redistributing their cryptocurrency across smaller addresses.

The timing of this purchase coincided with a significant announcement from the SHIB team, revealing a $12 million investment for developing a layer-3 solution on the Shibarium blockchain. Additionally, the SHIB lead clarified recent global travels.

SHIB Lead Reveals Purpose Behind Extensive Travels and Fundraising Efforts

In a recent tweet, SHIB project lead Shytoshi Kusama disclosed the reason for his frequent travels earlier this year, which included visits to Japan, Hong Kong, Puerto Rico, various U.S. cities, Dubai, and the Maldives. These travels were aimed at raising funds for the development of a layer-3 blockchain solution to be built on top of Shibarium, a layer-2 solution on Ethereum.

So now you know why I kept changing my location while pitching to the smartest minds in our industry.This is a big day for SHIB as we push forward for encryption and elevate our entire brand.There's so much in store for the army. I have never been more excited for #SHIB https://t.co/qt1dx6K7ea— Shytoshi Kusama™ (@ShytoshiKusama) April 23, 2024

The layer-3 blockchain, based on Shibarium, promises enhanced privacy, security, and efficiency for SHIB transactions. SHIB’s marketing lead, Lucie, explained that adding a layer-3 solution atop a layer-2 is akin to adding an extra layer of security, making transactions more secure and efficient.

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The upcoming layer-3 solution is expected to offer fast, low-cost transactions, compliance features to facilitate auditing of private transactions, and other functionalities. Additionally, the much-anticipated TREAT token, slated for release on this new blockchain, will serve as the currency for powering transactions, similar to how BONE operates on Shibarium currently.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.