Shiba Inu (SHIB) and XRP Whales Abruptly Move Over $116,000,000 Worth of Crypto Assets Over the Weekend

Deep-pocketed Shiba Inu (SHIB) and XRP holders were active over this weekend, mysteriously shuffling crypto assets worth tens of millions of dollars.

First reported by blockchain tracking service Whale Alert, on-chain data shows that a crypto whale transferred 3.35 trillion SHIB tokens between two wallets of unknown origins.

At the time of the whale transfer, the transaction was worth $28.18 million, and the entity paid 0.000894 Ethereum (ETH) in fees, or about $1.12.

Last week, Whale Alert tracked down a similar transaction where a different wallet transfered 3.37 trillion SHIB worth $28.7 million at the time to another unknown address.

The SHIB transfers come as the ecosystem gears up for Shibarium, which is a highly anticipated layer-2 blockchain for the Shiba Inu network.

The layer-2 blockchain is a scaling solution intended to address the low transaction speed of Shiba Inu’s host chain Ethereum. Shibarium recently selected Bone ShibaSwap (BONE) for its utility token to use for blockchain transaction fees and for other activities. BONE also allows users to vote on upcoming proposals.

Also making moves over the weekend were XRP whales. According to Whale Alert, 263.89 million XRP was transferred between two unknown wallets. At the time of the transaction, the XRP trove was valued at over $88.88 million. According to blockchain tracker Bithomp, the whale paid the XRP Ledger (XRPL) a fee of 20 XRP, or about $7.

Whale Alert also spotted big transactions involving blockhain scaling solution Polygon (MATIC). Two transactions involve wallets of unknown origins sending MATIC to a major crypto exchange and one transaction is between Polygon’s smart contract to an unknown wallet.

At time of writing, Shiba Inu is trading at $0.00000857, XRP at $0.349 and Polygon at $0.856.

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Featured Image: Shutterstock/arvitalyaart