Shiba Inu (SHIB) is a decentralized cryptocurrency built on the Ethereum blockchain. Its primary features include running on a decentralized finance (DeFi) platform and featuring the Shiba Inu—a Japanese breed of hunting dog—as its mascot. Shiba Inu is often regarded as a rival to Dogecoin, and its proponents have described it as the challenger to Dogecoin's market dominance.
One trillion $SHIB!
A massive amount of 1,060,594,914,048 Shiba Inu tokens was recently transferred from an anonymous address to a Coinbase wallet, with the likely intention of selling the crypto. At the time of the transfer, this massive chunk of SHIB was worth a whopping $10,415,042 according to the SHIB/USD exchange rate. This is an impressive amount of SHIB and is sure to have an impact on the crypto market.
It's quite remarkable what happened--Etherscan shows that within five minutes of a mysterious wallet sending in meme crypto, a trillion SHIB was dispatched to a "Coinbase 10" wallet. The second-largest meme coin had a great start to the day. The hourly chart was graced by a large, green candle, followed by another, though not as big. Prices shot up by 6%, but then settled down with a 1.27% drop.
Now, this all comes before the highly anticipated Shibarium Upgrade
The network is preparing for the much-anticipated Shibarium update, which will enable SHIB to move from an ERC-20 token on the Ethereum protocol to a completely independent network. This upgrade will eliminate Shiba Inu's reliance on the Ethereum network, providing users with improved performance and reduced transaction costs.
Additionally, with this upgrade coming, BONE, the new token in Shiba Inu’s decentralized ecosystem, is soaring (~40% in the last 14 days!) A Shib Army member is eligible to cast their vote on any upcoming community proposals if they hold BONE assets. Furthermore, the weight of a Shib Army member's opinion in any upcoming Shiba Inu ecosystem plan is contingent on the number of BONE assets that they hold. However, BONE's price began to increase following the announcement from Shiba Inu's lead developer that the token would be used for the upcoming Layer-2 solution for the network as a gas fee.
