A crypto whale is abruptly moving trillions of Shiba Inu (SHIB) tokens as the dog-themed crypto asset prepares to unveil its new metaverse at SXSW.
According to the whale-surveying platform Whale Alert, a staggering 3,323,256,285,484 SHIB worth $30.48 million at time of writing were transferred from one unknown wallet to another.
The addresses involved in the transactions are not linked to any known crypto exchanges, so the move does not appear to be tied to a purchase or sale of the popular memecoin.
The shift in tokens comes amid a flurry of announcements from the Shiba Inu team. Developers say that they will be showcasing their new metaverse at the 2023 SXSW music and film festival in Austin, Texas.
The showcase will feature a virtual reality tour of the WAGMI Temple, one of 11 hubs in Shiba Inu’s metaverse that display the Dogecoin (DOGE) competitor’s history.
“Immersion in WAGMI Temple will be a welcome respite from the nonstop action of SXSW. WAGMI Temple – named after the crypto rallying cry of ‘We’re All Going to Make It’ – is a Zen-like realm with calming sensations, meditation, natural beauty, and spiritual connections to the world.
Echoes whisper through the region, with a rich history and discovery of SHIB’s birth and its decentralized roots.”
Recently, the Shiba Inu team also announced new updates to the Shibarium Network, the project’s soon-to-launch layer-2 scaling protocol, adding that Bone ShibaSwap (BONE) will be the official virtual asset used to operate the blockchain.
The move prompted Binance, the world’s largest crypto exchange by volume, to stake a staggering 4 trillion Shiba Inu tokens.
SHIB is changing hands for $0.00001 at time of writing, a 3.3% gain during the last 24 hours.
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