Shibarium Crosses 600K Unique Wallets as SHIB Whale Moves $38M

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.

Token withdrawals out of the Shibarium bridge are now live and available to users, weeks after a much-hyped launch quickly fizzled out after being riddled with software bugs that led to millions of dollars in limbo on the network.

Nearly 100,000 transactions took place on August 31, data from blockchain explorers show, 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.

As such, 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.

Elsewhere, an unknown SHIB whale - a colloquial term for a large holder of any asset - moved nearly $38 million worth of the tokens in an unusual move early Friday. Transactional data shows the whale first moved $160,000 in SHIB, and then $37.4 million in SHIB, to a new wallet on Ethereum.

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.