SHIB Whales Make Waves as Shibarium Activity Surges
Significant SHIB transfers have occurred, with 4,642,530,677,374 SHIB (equivalent to $38,057,145) recently moved from undisclosed wallets, according to Whale Alert.
This comes after Shiba Inu developer Shytoshi Kusama’s blog post confirming Shiba Inu’s readiness and security following technical challenges during the Shibarium launch, which trapped $1.79 million worth of Ethereum.
Kusama expressed gratitude to the Polygon team for their timely support in resolving these issues and their contributions to the successful outcome. He highlighted the pivot to fork Polygon as a strategic decision.
Shibarium’s activity is on the rise, with 73,650 daily transactions and nearly 900,000 addresses on the network. The network reached peak traffic on August 25, recording over 130,000 transactions, yet network utilization remains at 33%, with a total value locked (TVL) of $1.23 million.
While Shibarium’s TVL is modest compared to the broader DeFi ecosystem, it signifies its early-stage development. Among its nine protocols, DogSwap leads with a TVL exceeding $687,000.
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In terms of SHIB’s future, additional perpetual listings are being added to exchanges, offering traders opportunities to speculate with leverage. BitMEX recently announced two perpetual listings for SHIB, allowing up to 33x leverage trading.
At the time of writing, SHIB is trading at $0.0000076 with a 2.42% daily decrease, potentially influenced by a broader market downturn caused by the SEC’s Bitcoin ETF delay, impacting various major assets.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
