The world of cryptocurrencies witnessed a historic transaction as a mysterious Shiba Inu whale transferred 3.4 trillion SHIB tokens worth $40 million.

This transfer raised questions about the possible involvement of a crypto exchange among its internal addresses. The memecoin has been dominating the crypto market, with the change in the Twitter logo to DOGE by Elon Musk making memecoin the talk of the town.

According to IntoTheBlock, the total transaction of SHIB for the past week has reached $175 M. The recent massive transaction has created an impact on the industry, leaving many wondering about its significance.

Meanwhile, SHIB’s leading developer, Shytoshi Kusama, announced that the Shibarium layer-2 network could see the light of day in two to four months.

He also revealed that the team is working on UI design for some secret projects, bringing relief to the users who have been waiting for the launch, which has seen several delays.

Shib Burn reported that 250,000 tokens were transferred to the dead wallet recently. Moreover, in a single transaction by a whale, 1.4 billion SHIB tokens were burned in the last 24 hours.

The SHIB community has burned 1.8 million tokens in the last seven days, 40.76% less than the previous week.