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SHIB Cryptocurrency Sees Major Whale Purchase and Expansion with Upcoming Layer-3 Blockchain Development

Recently, a newly established cryptocurrency wallet engaged in a significant transaction involving the SHIB meme coin.

According to data from Etherscan, this anonymous wallet acquired 237.8 billion SHIB, totaling $6,290,435 in value at the time of the transaction.

This large-scale purchase, indicative of either an over-the-counter (OTC) deal or a redistribution of assets by a major holder, took place shortly after the SHIB team announced securing $12 million for the development of a layer-3 solution atop Shibarium.

The timing of this purchase coincides with SHIB project lead Shytoshi Kusama’s revelations about his extensive international travel.

In a tweet, Kusama, operating under his alias, disclosed the purpose behind his frequent changes in location on X/Twitter throughout the year, visiting Japan, Hong Kong, Puerto Rico, New York, Dubai, and the Maldives.

The SHIB community had been tracking these movements, speculating about their implications. Kusama clarified that his travels were aimed at raising funds for the new blockchain initiative.

Shibarium, currently a layer-2 solution built on Ethereum, will serve as the foundation for this upcoming layer-3 blockchain.

Lucie, the SHIB marketing lead, explained the advantages of the layer-3 solution in a tweet.

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She highlighted that adding a third layer would be “like putting a cloak of invisibility over fast-moving transactions.”

Furthermore, she stated that this enhancement would improve privacy and security, making transactions both faster and more affordable.

She described the security benefits as, “Adding L3 is like putting a second lock on your door. It adds more security features, making everything safer.”

The development of the layer-3 solution will also facilitate compliance features allowing auditors to inspect even private transactions, among other improvements.

In addition, the forthcoming TREAT token, which has yet to be released, will be utilized within this new framework to facilitate transaction processing, much like the BONE token is currently used on Shibarium.

This initiative represents a significant expansion in the SHIB ecosystem, aiming to enhance transaction efficiency and security.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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