CDS Crypto News SHIB Whale Transfers 38 Million Dollars as Shibarium Exceeds 600K Unique Wallets
Crypto News

SHIB Whale Transfers 38 Million Dollars as Shibarium Exceeds 600K Unique Wallets

Network activity has begun to pick up pace following the resolution of a prior glitch over the weekend.

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SHIB Whale Transfers $38 Million as Shibarium Exceeds 600K Unique Wallets

Crypto News- A week after a problematic launch that was resolved, around 600,000 wallets conducted over 700,000 transactions on the Shibarium network, indicating the resilience of the platform’s dedicated user base.

SHIB Whale Transfers 38 Million Dollars as Shibarium Exceeds 600K Unique Wallets

Token withdrawals from the Shibarium bridge are now operational and accessible to users. This comes after the highly anticipated launch initially faltered due to software bugs, resulting in millions of dollars temporarily locked within the network. Blockchain explorer data reveals that nearly 100,000 transactions occurred on August 31, with the peak activity reaching 132,000 transactions on August 25. As of Friday, users have the capability to swap tokens, engage in lending and borrowing activities, or stake tokens for rewards using shib (SHIB), bone (BONE), and other tokens on the Shibarium platform.

Currently, the total locked value on Shibarium stands at $1.26 million, indicating that the average user is committing relatively small amounts of capital to the layer 2 network. This represents less than 1% of the $35 billion locked across various blockchains within the cryptocurrency ecosystem, according to available data.

In a separate development, an unidentified SHIB whale, a term referring to a large holder of a particular asset, executed an uncommon transaction early Friday, moving nearly $38 million worth of SHIB tokens. Transaction data shows that the whale initially transferred $160,000 in SHIB and then proceeded to move $37.4 million in SHIB to a new wallet on the Ethereum network.

SHIB Whale Transfers 38 Million Dollars as Shibarium Exceeds 600K Unique Wallets

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