Shibarium Scaling Triumphs with 65K Wallets and 350K Transactions

• Shytoshi Kusama’s recent blog post celebrates the successful launch of Shibarium, with 65,000 wallets and 350,000 transactions.
• Weekend transactions fluctuate, 19,677,336.8931 BONE tokens staked, withdrawals vary.

In a recent blog entry, Shytoshi Kusama, the creator of Shiba Inu, revealed that the Shibarium platform has been launched successfully and is currently expanding as intended. Kusama mentioned, “Shibarium is LIVE and operating well! Now that we’ve proven that all funds are safu (as we said), and that Shibarium is ready for prime time, we will reopen our channels.”

https://t.co/6hpCh5QU2h

— Shytoshi Kusama™ (@ShytoshiKusama) August 28, 2023

According to the most recent data, the network has already garnered more than 65,000 wallets and has successfully handled 350,000 transactions. The variety of tokens introduced in Shibarium is evident, with Kusama observing a blend of “entertaining, unconventional, and occasionally controversial tokens.” He added an optimistic note: “From among these numerous tokens, we will witness which ones manage to emerge as prominent.”

Kusama also took a moment to contemplate the determination and strength of the Shiba Inu community, quoting Ryoshi’s words, “Those who construct during the market’s decline will emerge victorious when it rises.” He conveyed deep appreciation to the Polygon team, singling out Sandeep Naiwal for their steadfast support during challenging periods.

Weekend Transaction Trends and BONE Staking

Based on data from Shibariumscan.io, on August 25, the network executed 132,739 transactions, marking its most active day since its public relaunch on August 24. Nonetheless, transaction activity experienced a downturn over the weekend, with 78,870 transactions on Saturday and 40,433 on Sunday.

Additionally, a total of 19,677,336.8931 BONE tokens have been staked within Shibarium. While ensuring the security of all funds, Shytoshi also highlighted the withdrawal timeframes. He clarified that withdrawals could span 45 minutes to 3 hours for specific tokens, while BONE withdrawals might extend to a week.

He further clarified that this delay wasn’t a technical glitch but a deliberate feature implemented for security purposes. These precautions are set to reassure users as their digital assets are transferred.

It’s important to mention that Shibarium encountered issues during its initial launch on August 16, which led to block production disruptions. However, the team seems to have addressed these problems, paving the way for a potentially transformative phase for the Shiba Inu ecosystem.

Significant Reduction in SHIB Market Supply

Despite the assurance of a $2 million insurance scheme, the quantity of Shiba Inu tokens stored within cryptocurrency exchange wallets has substantially decreased, reaching its lowest point in over a year.

Data from Cryptoquant indicates that the reserves of Shiba Inu tokens held in exchanges began diminishing on August 17, soon after the inauguration of the Shibarium mainnet on August 16. Taking a broader view, the data illustrates that the deposits of SHIB tokens into exchanges have not been at such minimal levels since February 2022.

Shiba Inu (SHIB) – Shibarium Could be a Game-Changer | Exchange Reserves, Aug 2023 | CryptoQuant

Shiba Inu (SHIB) – Shibarium Could be a Game-Changer | Exchange Reserves, Aug 2023 | CryptoQuant

These exchange reserves provide a real-time depiction of alterations in the total SHIB balances possessed by investors in recognized crypto exchange wallets. The chart shows that recent upward movements in Shiba Inu’s price on August 5 and August 12 were succeeded by notable downward shifts in Exchange Reserves.

Withdrawal Statistics and Market Impact

Between August 17 and August 26, holders of Shiba Inu tokens have pulled out 1.8 trillion SHIB tokens, equivalent to a value of $14.5 million at the prevailing market price of $0.000008. It’s important to note that this withdrawal amounts to over 10% of Shiba Inu’s average trading volume throughout the past week.

This situation underscores the possibility of another instance of reduced supply following the successful relaunch of Shibarium. If the uncertainties surrounding Shibarium can be alleviated and market demand experiences a surge, this scenario could significantly influence the SHIB token’s price trajectory.

Best Crypto Exchange for Everyone:

• Invest in Shiba Inu and 70+ cryptocurrencies and 3,000 other assets.
• 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
• Copy top-performing traders in real time, automatically.
• Regulated by financial authorities including FAC and FINRA.

2.8 Million Users

Get Started

 

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.