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The Meme Shiba Inu cryptocurrency SHIB/USD has risen 5.98% in the past 24 hours, outpacing the gains of Bitcoin BTC/USD and Ethereum ETH/USD.
What happened: SHIB, known as the “Dogecoin DOGE/USD killer”, experienced an unprecedented increase in value after a large crypto investor transferred a sum of several million dollars from the crypto. The whale moved $28.7 million from SHIB, sparking a massive buying spree and causing the coin’s value to rise substantially.
At the time of writing, SHIB was trading at $0.000009134.
See more: Best Crypto Day Trading Strategies
As the long-awaited Shibarium upgrade continues to draw closer, speculation is mounting as to when it will arrive. Although no official date has yet been released, the upgrade is expected to be scheduled for early 2023.
The Shibarium upgrade is a Layer 2 platform and a major enhancement to the existing SHIB blockchain, first offered by Ryoshi, its anonymous creator, in May 2021.
As SHIB was built on the ETH blockchain, projects within the SHIB ecosystem have struggled with scalability and high gas fees. The Shibarium upgrade promises to provide improved scalability and significantly reduce high transaction costs.
Price Action: BTC was trading at $17,463 up 1.49%. DOGE at $0.07662, up 2.05% in the last 24 hours, according to Benzinga Pro.
Read next: Brady, Bndchen, Kraft and this billionaire hedge fund manager own FTX shares: Here’s how much
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