Massive volumes of SHIB, the native Shiba Inu Coin, have been moved, according to market watcher Whale Alert. “4,642,530,677,374 SHIB (38,057,145 USD) transferred from unknown wallet to unknown wallet.” The post from Whale Alert reads. The move follows a blog post of Shytoshi Kusama, the pseudonymous Shiba Inu developer, just days ago.
In the post, Kusama highlighted that Shiba Inu was now ready and secure. After the official launch of Shibarium and the technical difficulties that followed, the announcement relieved users. Shibarium, which aims to elevate Shiba Inu from a meme coin to a network with use cases, saw $1.79 million worth of Ethereum stuck on bridge day.
Kusama thanked the Polygon team for supporting Shib during the difficult event, saying he contacted them for help and the team didn’t hesitate and “helped provide additional resources to ensure a perfect outcome to the situation. And that is why our pivot to fork Polygon was the correct one.”
Activity on Shibarium has Room to Grow
Shibarium Explorer shows currently 73,650 daily transactions and close to 900,000 addresses on the network. Traffic hit a peak on August 25, with over 130,000 recorded transactions. With network utilization only at 33 percent, the total value locked (TVL) on Shibarium currently sits at $1.23 million.
While this is a seemingly neglectable amount compared to the $37 billion of the TVL across the DeFi ecosystem, according to DeFiLama, it also shows that Shibarium is still in its early stages. Out of the nine protocols, namely DogSwap, Marswap, WoofSwap, Woof Finance, Shibex, LeetSwap, ShibFi, ChocoInu, and BoneDex; DogSwap is by far the largest Dex with a TVL of over $687,000.
More in Store for SHIB?
It should be noted that perpetual SHIB listings are still being added to exchanges. For example, the popular exchange BitMEX announced on August 29 that it was launching two perpetual listings that include SHIB. The pairs will be SHIB and USD as well as SHIB and USDT, which can be traded with up to 33x leverage.
Perpetual futures contracts, known as “perps,” allow traders to speculate on asset prices without expiry, mirroring the accessibility and profit potential of the spot crypto market. However, they come with substantial risks, demanding traders’ thorough understanding.
At the time of writing, SHIB was down 2.42% on the day, trading at $0.0000076 according to data from CoinMarketCap. SHIB seems to follow a broader market sell-off likely related to the frenzy the SEC has caused with its further delay of a Bitcoin ETF, which saw many major assets tumble.