- Shiba Inu launched its primary blockchain network, Shibarium, last month.
- Shiba Inu burned approximately 5.72 billion SHIB tokens in August.
- Shibarium network recorded over 700,000 transactions within a week.
The renowned meme cryptocurrency, Shiba Inu
Further enhancing its capabilities, Shiba Inu has recently enabled token withdrawals via the Shibarium bridge. This comes weeks after the highly anticipated launch, initially plagued by software glitches, leading to millions of dollars temporarily locked within the network. Users can now retrieve their tokens and use them as originally planned.
Following the resolution of initial technical difficulties, the Shibarium network demonstrated its robustness, with approximately 600,000 wallets participating in over 700,000 transactions within a week. This showcases the ecosystem’s resilience and active engagement in the crypto industry.
Blockchain explorer data indicates that approximately 100,000 transactions were recorded on August 31, with a surge in activity reaching 132,000 transactions on August 25. The recent update allows Shibarium users to exchange tokens and effortlessly participate in lending and borrowing operations. Additionally, users can stake tokens to receive rewards, further enhancing the utility of the ecosystem.
The Impact of Whale Activities on the Price of SHIB
In an intriguing development, an unidentified SHIB whale executed a substantial transaction, moving approximately $38 million worth of tokens in an atypical operation early Friday. Blockchain analytics indicate that the whale initially transferred $160,000 in SHIB, followed by a subsequent transfer of $37.4 million in SHIB to a fresh wallet on the Ethereum network.
In conclusion, despite these events, SHIB is still grappling with downward pressure, presently valued at $0.00000796, which signifies a 3% drop. The Relative Strength Index (RSI) is at 41, suggesting that the token is nearing a state of being oversold.
