Some 600,000 wallets have conducted over 700,000 transactions on the Shibarium network a week after a botched launch was solved, showing signs of resilience among the platform’s loyal supporters, said blockchain explorers. Token withdrawals out of the Shibarium bridge are now live and available to users, weeks after a much-hyped launch quickly fizzled out due to software bugs. Nearly 100,000 transactions took place on August 31, with a peak activity of 132,000 transactions on August 25. As of Friday, users can use shib (SHIB), bone (BONE), and other tokens on Shibarium to swap tokens, lend and borrow capital or stake tokens to earn rewards.
The locked value on Shibarium is just $1.26 million, suggesting the average user is deploying little capital to the layer 2 network. This is less than 1% of the $35 billion locked across various blockchains in the crypto ecosystem, data shows. An unknown SHIB whale moved nearly $38 million worth of the tokens in an unusual move early Friday. Tracking holder movements could be crucial for some traders as transfers to an exchange may signal selling pressure ahead, while transfers to a DeFi protocol could mean growth for that protocol’s token. SHIB is down 2.42% in the past 24 hours, data shows, in line with a broader market fall.
The Shibarium network has shown signs of resilience after a botched launch, with 600,000 wallets conducting over 700,000 transactions a week later. Token withdrawals are now available to users, and nearly 100,000 transactions took place on August 31. Users can use shib (SHIB), bone (BONE), and other tokens on Shibarium to swap tokens, lend and borrow capital or stake tokens to earn rewards. An unknown SHIB whale moved nearly $38 million worth of the tokens in an unusual move early Friday, which could be crucial for traders. SHIB is down 2.42% in the past 24 hours.