Shibarium Surpasses 600K Unique Wallets with a $38M Move by SHIB Whale

Following a recent glitch that was resolved over the weekend, network activity on Shibarium has picked up steam.

Approximately 600,000 wallets have engaged in over 700,000 transactions within the Shibarium network, indicating resilience among its dedicated user base just one week after a problematic launch was successfully addressed.

The Shibarium bridge now permits token withdrawals, making them accessible to users. This comes after the initial launch faced significant software bugs that left millions of dollars in limbo on the network, causing it to lose much of its initial hype.

Blockchain explorers reported nearly 100,000 transactions on August 31, with the highest activity recorded on August 25, totaling 132,000 transactions. Users can now utilize tokens such as shib (SHIB) and bone (BONE) on Shibarium for various purposes, including token swapping, lending, borrowing, and staking to earn rewards.

However, the locked value on Shibarium currently stands at just $1.26 million, suggesting that the average user has not committed substantial capital to the layer 2 network. This amount represents less than 1% of the total $35 billion locked across various blockchains within the crypto ecosystem, based on available data.

In a separate development, an unidentified SHIB whale, referring to a large token holder, executed a significant transaction, moving nearly $38 million worth of tokens in an unusual maneuver early on Friday. Transaction data indicates that the whale initially transferred $160,000 in SHIB and then moved $37.4 million in SHIB to a new Ethereum wallet.

For some traders, monitoring the movements of large token holders is crucial, as transfers to an exchange may signal potential selling pressure, while transfers to a DeFi protocol could indicate growth for that protocol's native token.

Notably, SHIB has experienced a 2.42% decline in the past 24 hours, consistent with the broader market's recent downturn, as indicated by available data.