Shiba Inu, the “Dogecoin killer,” has caught the eyes of the market participants in the cryptocurrency space, as the SHIB price experiences a notable rally. Meanwhile, the surge in Shiba Inu price comes amid a significant transfer of 3 trillion SHIB tokens by a whale, sparking speculation within the community and raising questions about the future direction of SHIB. So, let’s explore the recent transaction and see how it may impact SHIB’s price and performance.

Shiba Inu Price Rallies Amid Massive Whale Transaction

The Shiba Inu community is abuzz with speculation following a substantial transfer of 3 trillion SHIB tokens worth approximately $79.94 million. The transaction, flagged by the on-chain tracking platform Whale Alert, involved the movement of SHIB between two unidentified wallets. 

Meanwhile, looking closely at the transaction, the wallet address “0x73a…4d935” has shifted 3 trillion Shiba Inu to another unknown wallet “0x2ef….2e204” today. Notably, the latter, or the recipient, is among the top 100 richest Shiba Inu addresses, which has further intensified discussions regarding the motives behind the transfer and its potential implications for the meme coin’s price trajectory.

However, as market participants dissect the implications of the whale transfer, attention also shifts towards recent developments within the Shiba Inu ecosystem. Shytoshi Kusama, the lead behind Shiba Inu, recently announced securing $12 million in funding through TREAT for the development of a Layer-3 blockchain. 

This milestone underscores Shiba Inu’s commitment to enhancing utility and use cases within its ecosystem, positioning TREAT as a pivotal component in driving ecosystem growth and sustainability.

Also Read: Ethereum Price Jumps As TRON Founder Justin Sun Accumulates 15K ETH, What’s Next?

Optimism Prevails Amid TREAT’s Rising Popularity

The introduction of TREAT, the ecosystem reward token, represents a significant leap forward for the Shiba Inu community. With its dual functionality as both a governance and gas token on the Layer-3 blockchain, TREAT holds tangible value for participants. 

Meanwhile, Lucie, Shiba Inu’s marketing lead, has recently highlighted TREAT’s role in incentivizing SHIB holders to actively contribute to ecosystem growth while reaping rewards and governance opportunities. This strategic integration reinforces the collaborative nature of the Shiba Inu ecosystem, offering a glimpse into its potential for continued innovation and expansion.

Notably, the Shiba Inu price was up 3.09% and traded at $0.00002726 during writing, while its trading volume over the last 24 hours rose 18.60% to $751.73 million. Notably, the leading meme coin has nearly 20% in the last seven days, while over the past 30 days, the SHIB price has lost about 3%.

Also Read: Can FTX’s Solana Auction This Week Put Breaks to SOL Price Surge?

The post Shiba Inu Price Rallies As Whale Shifts 3 Tln SHIB, What’s Next? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am