An unknown crypto whale is suddenly moving trillions of Shiba Inu (SHIB) tokens as the top memecoin dipped this week.
Blockchain-tracking service Whale Alert notices that a deep-pocketed entity moved a total of 4,000,379,151,023 SHIB worth $31.7 million from Shiba Staking to the top global crypto exchange Binance.
Shiba Inu was trading for about $0.00000792 at the time of the transaction, down from its seven-day high of $0.00000872.
SHIB is worth $0.00000735 at time of writing, a 6.73% decline during the last 24 hours.
According to IntoTheBlock, 89% of SHIB holders are sitting on losses, just 3% are profitable and 8% are breaking even.
The leading blockchain analytics firm also shows that 69% of Shib Inu holders have held onto the memecoin for more than a year, 28% for a year or less and 3% for less than one month.
Shiba Inus highly anticipated new layer-2 project Shibarium continues to gain in popularity as new users increasingly experiment with its testnet. Shibarium is the Shiba Inu ecosystems new layer-2 protocol built on top of Ethereum (ETH), similar to Polygon (MATIC).
According to blockchain explorer PuppyScan.Shib, Shibariums beta version has 16.7 million wallet addresses using Shibarium and is currently experiencing 536,181 daily transactions.
The popular dog-themed meme asset recently released a trailer for its much anticipated Rocket Pond land-based metaverse.
The SHIB developers also unveiled The Game Builder, one of the metaverses key functions.
“This tool is powerful because it not only allows users to create spaces for leisure and fun but also provides a complete platform for landowners to generate business models or activities that can be monetized.
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This article was originally reported on The Daily Hodl.