The total number of wallets on the newly launched Shiba Inu (SHIB) layer-2 blockchain, “Shibarium” has zoomed past one million, adding a mind numbing 900,000 wallets, since its relaunch on August 28.
According to the official blog post published on August 3, the Shibarium team revealed the major feat on the L2 network, following a botched launch on August 16, that froze access to millions of dollars in user funds. The development comes only two weeks after the Shibarium network first went live, renewing investor interest and activity around the meme-inspired cryptocurrency.
— Shytoshi Kusama™ (@ShytoshiKusama) September 3, 2023
Shibarium Amasses Tremendous Traction
As per the announcement, the SHIB team congratulated the ShibArmy community for achieving over 1 million wallets, emphasizing the Shiba Inu (SHIB) team is currently collaborating with a number of third-party bridges to assist investors with bridging other tokens over to the new blockchain.
SHIB developers highlighted the availability of a hosted version of the Blockscout explorer on Shibariumscan, allowing users to perform their own research and verify contracts. Blockscout will manage the explorer while the protocol team concentrates on Shibarium’s development.
🌟 EVERYONE IS WELCOME TO #SHIBARIUM!
We're genuinely thrilled to see so many fantastic projects reaching out to us.
We wholeheartedly encourage you to GO FOR IT!
No need to chat with the Shib Team; you're free to bridge and make use of Shibarium as you see… pic.twitter.com/CHWoJvYWca
— 𝐋𝐔𝐂𝐈𝐄 | Summer of Shibarium (@LucieSHIB) September 3, 2023
This collaboration will ensure the chain remains 100% indexed, simplifying project auditing and fostering trust within the ecosystem. In the near future, Shibarium plans to spotlight projects developed on its platform, provided that their contracts are properly verified.
Furthermore, the blog post also detailed new tokens that have been mapped to Shibarium’s bridge, including stablecoins USDT, USDC, and DAI, as well as other assets like Wrapped Bitcoin (WBTC) and XFUND, that will eventually increase the platform’s utility and attract a more extensive range of developers and users.
The feat comes shortly after blockchain analytics firm IntoTheBlock published a report, noting a massive 335% spike in large SHIB transactions. These transactions are valued at $100,000 or more on the network, accounting for $29.24 million worth of SHIB moved in these whale-sized transactions.
The data revealed that over 3.75 trillion SHIBs were transacted in these large transfers alone. Combined with overall daily volumes, this amounts to a staggering 5.32 trillion SHIB moved, painting a picture of a renewed momentum and hype surrounding the project.
SHIB Price Fail to Gather Steam
In addition, data from the Shibarium blockchain explorer disclosed that nearly 100,000 transactions have occurred as of September 3, with a peak activity of 132,000 transactions being set on August 25. Although network activity surged, SHIB prices failed to witness a positive momentum.
According to CoinMarketCap, Shiba Inu (SHIB) is down more than 1.38% in the last 24 hours to trade at $0.0000077. Meanwhile, the dog-themed cryptocurrency plunged nearly 3% over the past seven days with the the SHIB army continuing to burn Shiba Inu tokens. Last week, the Shiba Inu community managed to remove 43,163,517 SHIB in total, pushing these millions out of circulation.