4.5 Trillion SHIB Withdrawn from Large Exchange as SHIB Adoption Keeps Exploding

Prominent crypto tracking service Whale Alert, popular for tracking and sharing details of large crypto transactions and sharing their details with the community, has spotted an astounding lump of SHIB moved from an Amsterdam-based crypto exchange Bitvavo.

Timeline of Shiba-inu

Hell-bent on making gains from a narrative, traders ignored calls to leave the Shiba Inu-developed token alone. Here's how Calcium rode the SHIB wave to a $1.5 million market cap.

After the Shibburn tracker of transactions, which takes SHIB tokens to dead wallets, announced the launch of a new page for tracking preparations for burns on Shibarium, a new report has come out about gas fees going up quite substantially. However, the rise in fees was recorded during quite a short period of time.

Shiba Inu (CRYPTO: SHIB) was dropping over 2% Thursday, in tandem with the crypto sector and the general stock market, which saw Bitcoin and the S&P 500 losing 2% and 1%, respectively, following a hawkish statement from the Federal Reserve . The “Dogecoin Killer's,” move lower saw the crypto testing the lower trend line of a rising channel pattern as support.

Since its launch on August 16, Shibarium, the layer 2 blockchain created by the developers of the Shiba Inu (SHIB) cryptocurrency ecosystem, has triggered massive interest, demonstrated both in the number of wallets and in regard to the number of transactions, which has recently made a new record.

Shiba Inu's layer-2 scaling solution continues to smash records in terms of transaction volume and network growth. In the following lines, we will take a closer look at the most recent achievement that Shibarium completed.

Making a sharp V-shaped reversal from $0.00000695, the SHIB price taps into bullish momentum to challenge $0.00000750. Due to the overhead supply, the SHIB prices reverted with a sharp fall of 1.47% at press time. Meanwhile, the market conditions are volatile, with hopes of better sentiments in October with the Bitcoin ETF decision.

Even with the recent rollout of Shibarium and its impressive short-term performance, the SHIB price hasn't reflected these milestones on its chart. Shiba Inu is still struggling with breaking through key resistance levels, leading to a negative shift in on-chain metrics.

Binance, the biggest crypto exchange, has launched a crypto solution that lets Shiba Inu investors use their Shiba Inu in nine countries. They've named this new product “Send Cash.

Shiba Inu (SHIB), one of the most talked-about cryptocurrencies of recent times, has been making headlines once again. This time, it's not just about its mild price movements but also about a significant development within its ecosystem.

Shibarium's mainnet sees about 200,000 daily transactions, with over 27 million $BONE gas fee tokens staked on the network. In the past 24 hours, $SHIB has increased by 2%, contributing an additional 82 million to its market capitalization.