A week following the resolution of an initially problematic launch, the Shibarium network has exhibited robust activity with over 700,000 transactions conducted by about 600,000 wallets. This surge in operations comes after the platform’s token withdrawals, which were delayed due to software glitches during its unveiling, to say the least, causing millions of dollars to be stuck on the system.
Shibarium experienced a significant uptick in transactions on August 31, with approximately 100,000 operations recorded. Interestingly, the network had registered its highest ever activity on August 25, involving about 132,000 transactions. Shibarium users are now enabled to utilize shib (SHIB), bone (BONE), and numerous other tokens for a variety of functions including swapping, loaning, and borrowing capital or staking tokens to earn awards.
However, it is noteworthy that the total value locked on Shibarium is only about $1.26 million, suggesting that the typical user is allocating a small amount of capital towards the second-tier network. Compared to the $35 billion locked across various blockchains within the crypto ecosystem, the figure for Shibarium accounts for less than 1% of this valuation.
In another intriguing event, an undisclosed SHIB whale, a common term for a substantial holder of an asset, moved roughly $38 million in tokens very early on Friday. Notably, data shows a precursor transaction of $160,000 in SHIB, followed by a substantial $37.4 million transfer to a new Ethereum wallet. Such movements from large holders could serve as pivotal indicators for traders, as transfers to an exchange may allude to upcoming selling pressure. Conversely, moving assets to DeFi protocol could predict growth for the respective protocol’s token.
SHIB, on another note, has seen a slight decline, with a 2.42% drop recorded within the past 24 hours, aligning with a more general fall in the crypto market. Whether this is indicative of a larger trend or a temporary anomaly, only time will tell. As is always the case in cryptocurrency, it’s a fine balance – full of risks, possibilities and unpredictability.
Source: Coindesk
