SHIB Whale Makes a Splash with $38M Move as Shibarium Surpasses 600K Unique Wallets

The post SHIB Whale Makes a Splash with $38M Move as Shibarium Surpasses 600K Unique Wallets appeared first on Coinpedia Fintech News

Shiba Inu’s innovative Layer-2 scaling solution, Shibarium, is making significant waves in the crypto space, as it recently recorded more than 634,000 active addresses. Transaction activity has surged, reaching a daily peak of 93,315 transactions by August 31, amassing a total of 698,642 transactions.

Notably, during the past 24 hours, a remarkable 52 million SHIB tokens were burned, effectively reducing the circulating supply. As of now, SHIB is trading at $0.00000796, marking a slight 3.2% decrease, with a 24-hour trading volume of $133,299,787. This surge in network activity follows the successful resolution of a technical glitch over the weekend.

Rising Wallets, But Total Value Locked Raises Concerns

Despite a somewhat rocky launch, Shibarium currently boasts an impressive 600,000 active wallets facilitating over 700,000 transactions, showcasing the remarkable resilience within the Shibarium community. Token withdrawals from the Shibarium bridge are now fully operational after initial software bugs caused temporary disruptions. The relaunch was achieved through collaborative efforts from Shiba Inu, Polygon, Unification, and other key players.

While nearly 100,000 transactions occurred on August 31, with a peak of 132,000 on August 25, the total locked value (TVL) on Shibarium currently stands at a modest $1.26 million. Starting today, investors can utilize tokens such as SHIB, BONE, and others on Shibarium for various activities, including token trading, borrowing and lending, and staking tokens to earn rewards.

Low TVL: Why? And What Are the Implications?

One pressing question arises: Why does Shibarium’s TVL remain relatively low, comprising less than 1% of the total TVL within the broader crypto ecosystem, despite its high transaction activity and widespread user adoption? The probable explanation lies in the fact that users are deploying relatively small amounts of capital onto this Layer-2 network, accounting for less than 1% of the total locked value across diverse blockchain networks in the crypto ecosystem.

SHIB’s Subdued Presence

Additionally, data shows that SHIB’s exchange inflow reached 29.25 million, indicating a “buy the rumor, sell the news” scenario surrounding Shibarium’s launch. In a separate move, an unidentified SHIB whale shifted nearly $38 million worth of tokens, commencing with $160,000 in SHIB and subsequently transferring $37.4 million to a new Ethereum wallet.

The forthcoming impact of Shibarium on the Shiba Inu ecosystem, particularly on tokens like SHIB and BONE, remains an intriguing topic. Will it provide a significant boost or potentially exacerbate existing challenges? This will undoubtedly be a narrative worth monitoring closely in the evolving crypto landscape.