Network Activity Picks Up on Shibarium After Initial Glitch
Since resolving an earlier glitch, network activity on Shibarium has started to pick up. Over 600,000 wallets have conducted more than 700,000 transactions on the platform, indicating the resilience of its loyal supporters. Token withdrawals from the Shibarium bridge are now live, allowing users to access their funds. On August 31, nearly 100,000 transactions took place, with a peak of 132,000 transactions on August 25. Users can now use SHIB, BONE, and other tokens on Shibarium for various activities such as swapping tokens, lending and borrowing capital, and staking tokens for rewards.
Despite the increased network activity, the locked value on Shibarium remains relatively low at just $1.26 million. This suggests that users are deploying minimal capital to the layer 2 network compared to the $35 billion locked across various blockchains in the crypto ecosystem.
Unknown SHIB Whale Moves $38 Million Worth of Tokens
An unknown SHIB whale made an unusual move by transferring nearly $38 million worth of tokens. The whale first moved $160,000 in SHIB and then transferred $37.4 million in SHIB to a new wallet on Ethereum. Tracking movements of large holders like this can be significant for traders, as transfers to exchanges may indicate selling pressure, while transfers to DeFi protocols could signal growth for the protocol’s token.
Market Update: SHIB Down 2.42% in Past 24 Hours
SHIB has experienced a 2.42% decrease in the past 24 hours, in line with the broader market fall. While the network activity on Shibarium has shown signs of recovery, the token’s performance reflects the current market conditions.
Hot Take:
The Shibarium network has bounced back from its initial launch glitches, with users now actively conducting transactions and accessing their funds. However, the relatively low locked value on the platform indicates that users are still cautious in deploying significant capital. The movement of a large SHIB holder also draws attention, as it can provide insights into market dynamics. Overall, while Shibarium shows promise, it is still influenced by the broader market trends.
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