One week after resolving a problematic launch, the Shibarium network demonstrates signs of resilience and growing user engagement. Recent data reflects increased activity, token withdrawals, and even mysterious whale movements, painting a complex picture of this nascent blockchain.
A week into its corrected launch, Shibarium has attracted some 600,000 wallets conducting over 700,000 transactions. Despite initial setbacks due to software glitches that temporarily left millions of dollars stranded, the network is rapidly gaining traction. Users can now withdraw tokens via the Shibarium bridge, a feature that had been eagerly awaited since the platform’s bug-riddled debut.
On August 31 alone, the network recorded nearly 100,000 transactions, according to data from blockchain explorers. The peak activity was observed on August 25, with a staggering 132,000 transactions. These numbers indicate a growing user base willing to engage with the platform’s offerings like token swaps, lending, borrowing, and staking opportunities in tokens such as SHIB and BONE.
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Value Locked on Shibarium: A Closer Look
Currently, the total value locked (TVL) in Shibarium stands at a modest $1.26 million. Though seemingly low, it is essential to put this in context. This sum represents less than 1% of the whopping $35 billion locked across various crypto ecosystems. The relatively modest TVL suggests that while Shibarium has succeeded in drawing users, the average capital deployed to this Layer 2 network remains conservative.
In a separate but intriguing development, an unknown “SHIB whale”—a term for a large asset holder—moved nearly $38 million worth of SHIB tokens early Friday. The whale conducted an initial transaction of $160,000 in SHIB, followed by a massive $37.4 million transfer, both to a new Ethereum wallet. Such large-scale movements can be significant indicators; a transfer to an exchange might foretell selling pressure, while transfers to DeFi platforms could hint at growth for the respective tokens.
Market Trends: SHIB Performance
In market terms, SHIB tokens observed a 2.42% dip in the last 24 hours, aligning with a broader downturn in the cryptocurrency market. While it’s too early to deduce long-term implications from this, tracking these metrics remains crucial for traders and investors.
Shiba Inu has lost it’s crucial support at $0.000008 and the coin is now trading below this level after 3% decrease in price today. The next support zone is at $0.0000055 and bears now target this level. The MACD Line is positioned below the MACD Signal Line, indicating bearish momentum. (you can explain here what is MACD Line and MACD Signal Line)
Shiba seems to have created a diametric that is now finishing the F branch. Branch G can be dwarfed and end up in the red box. Shib broke its upward trangle. We love this coin long-term but will have a drop this week because of overal market fearness. Take profit at these levels and move stop loss. Market entree if your not already in take account of the stoploss.
Shibarium has shown a strong capacity for recovery and growth despite its troubled launch. With daily transaction numbers on the rise and token functionalities now fully operational, the platform has overcome initial setbacks. However, as the mystery of the SHIB whale and relatively low TVL show, Shibarium remains a complex and evolving landscape that requires careful monitoring.
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