- It has been a remarkable resurgence for Shibarium after recovering from a botched launch.
- Shibarium supporters have shown resilience with over 700K transactions across 600K wallets.
- The protocol has fully enabled token withdrawals, and users can transact without hitches.
It has been a remarkable resurgence for Shibarium after recovering from a botched launch. The platform’s loyal supporters have shown resilience by conducting over 700,000 transactions across over 600,000 newly created wallets on the Shibarium network.
Everything worked perfectly on the Shibarium network, less than one week since it recovered from an unprecedented glitch during launch. At the time of writing, the protocol has fully enabled token withdrawals, and users can transact without hitches. This has reignited the initial hype that fizzled out after the glitch that triggered a premature pause in the early hours of Shibarium’s launch.
Data from blockchain explorers show that over 100,000 transactions were executed on the Shibarium network on August 31. The network experienced its peak number of transactions on August 25, managing 132,000 transactions. As of Friday, September 1, Shibarium users can conduct swaps, lend, borrow, and stake their tokens to earn rewards on the Shibarium network. They could do so by using SHIB, BONE, and other blockchain tokens on the newly launched network.
Despite having up to $35 billion locked across various blockchains in the crypto ecosystem, available data shows an average user deployed less than 1% of capital so far on the network. The locked value on Shibarium at the time of writing is $1.26 million. Perhaps the network’s users may be cautious due to recent experience.
However, a whale was identified to have moved nearly $38 million worth of SHIB on the network on Friday, September 1. Details of the transaction showed the whale moved the SHIB tokens in two tranches. In the first tranche, $160,000 was transferred in SHIB, followed by another transfer of $37.4 million in SHIB to a newly created Ethereum wallet.