- Shibarium has seen remarkable resilience, with 600,000 wallets engaging in over 700,000 transactions within a week.
- The SHIB community continues its efforts to reduce the circulating supply, with a significant increase in token burns by 151 percent in the past 24 hours.
Approximately 600,000 wallets have engaged in over 700,000 transactions on the Shibarium network just a week after resolving a problematic launch. This demonstrates the resilience of the platform’s dedicated supporters.
Following a turbulent launch plagued by software bugs, which resulted in millions of dollars stuck on the network, token withdrawals from the Shibarium bridge are now operational and accessible to users. Blockchain explorer data reveals that nearly 100,000 transactions occurred on August 31, with the highest activity recorded on August 25, reaching 132,000. As of Friday, users can utilize tokens like SHIB, BONE, and others on Shibarium for swapping, lending, borrowing capital, or staking to earn rewards.
Hence, the total value locked on Shibarium is only $1.26 million, indicating that the typical user is not committing significant capital to the layer 2 network. According to available data, this amount is less than 1 percent of the $35 billion locked across various blockchains in the cryptocurrency ecosystem.
In a different context, an unidentified SHIB whale, a term commonly used to describe a major holder of any asset, executed an unusual transaction early on Friday by transferring nearly $38 million worth of tokens. Transaction data reveals that the whale initially moved $160,000 in SHIB, followed by a transfer of $37.4 million in SHIB to a new Ethereum wallet.
Monitoring the activities of holders can be essential for certain traders, as transfers to an exchange might indicate potential selling pressure in the future. In contrast, transfers to a DeFi protocol could signify the expansion of that protocol’s token.
SHIB Community’s Ongoing Accumulation
The SHIB community continues accumulating Shiba Inu coins and transferring them to inactive wallets to decrease the circulating supply of this cryptocurrency, originally inspired by memes but now aspiring to be more. According to the Shibburn tracker, a significant amount of Shiba Inu has been burned in the past 24 hours, pushing the burn rate into positive territory. The SHIB burn rate has surged by 151 percent.
Shibburn reported that within the last 24 hours, a total of 86,928,845 Shiba Inu meme coins were sent to “inferno” wallets through 17 transactions, with the two largest transactions involving 17,286,998 SHIB and 12,834,567 SHIB, respectively.
The objective of token burns is to reduce the circulating supply of SHIB tokens to the point where they become scarce, potentially driving up their price substantially. However, despite burning approximately half a quadrillion SHIB (which accounts for roughly 50% of the total supply), it has not yet significantly impacted the price of this meme coin.
Shibarium’s Impact on SHIB Supply
In a recent post, the Shiba Inu team made a significant promise regarding SHIB token burns. Lucie, the team’s official marketing expert, shared a portion of the “SHIB paper” in which it was mentioned that the launch of Shibarium, a Layer 2 solution, would reduce the circulating supply of SHIB. However, it’s important to note that this decrease in supply does not guarantee an increase in the token’s price.
$SHIB IS, AND ALWAYS WILL BE, OUR
COREOur heartbeat, our collective rhythm, resonates in one token:$SHIB .
With thousands of retailers worldwide that accept Shib, and it’s current top 15 rank, while being up 15 MILLION percent as of the drafting of this charter in it’s… pic.twitter.com/m0NfV2cTP3
— 𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium (@LucieSHIB) August 30, 2023
The SHIB community has eagerly awaited the launch of Shibarium for over a year, hoping to initiate substantial SHIB token burns. The mechanism driving these burns activates during each transaction on Shibarium, causing it to burn a specific quantity of Shiba Inu tokens. During this process, it converts a portion of the gas fee, which users pay in BONE, into SHIB tokens and transfers them to unspendable wallets. As Shibarium operations attain full capacity, experts foresee the burning of trillions of SHIB tokens weekly.
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