Shiba Inu Coin, the native currency, has been traded in enormous quantities, according to market observer Whale Alert. The transaction was recorded as “4,642,530,677,374 SHIB (38,057,145 USD) transferred from unknown wallet to unknown wallet.” Reads the post from Whale Alert. The action comes in response to a recent blog post by Shytoshi Kusama, a Shiba Inu developer using a cloak identity.
Kusama emphasized in the article that Shiba Inu
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Shib approached the Polygon team for support during the trying time, and Kusama said the team didn’t hesitate and “helped provide additional resources to ensure a perfect outcome to the situation.” We made the right decision to fork Polygon because of this pivot.
Shibarium activity has room to grow
The network currently has around 900,000 addresses and 73,650 daily transactions, according to Shibarium Explorer. On August 25, there were over 130,000 registered transactions, marking the peak in traffic. The total value locked (TVL) on Shibarium is currently $1.23 million, with network utilization barely at 33%.
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This demonstrates that Shibarium is still in its early phases even if it may seem insignificant in comparison to the $37 billion of the TVL across the DeFi ecosystem, according to DeFiLama. Shibex, LeetSwap, ShibFi, ChocoInu, and BoneDex are the other eight protocols. Of the nine, DogSwap is by far the largest Dex, having a TVL of nearly $687,000.
What’s Next for SHIB?
It should be noted that exchanges are still adding perpetual SHIB listings. As an illustration, the well-known exchange BitMEX declared on August 29 that it would be offering two everlasting listings that contain SHIB. The pairs, which allow for up to 33x leverage, will be SHIB and USD as well as SHIB and USDT.
Traders can speculate on asset prices without an expiration date using perpetual futures contracts, or “perps,” which mimic the accessibility and profit-making potential of the spot crypto market. However, they carry significant hazards, necessitating a detailed understanding on the part of traders.
According to information from CoinMarketCap, SHIB was trading at $0.0000076 at the time of writing, down 2.42% on the day. SHIB appears to be part of a bigger market sell-off that is probably connected to the uproar the SEC has sparked by further delaying the approval of a Bitcoin ETF, which sent several other assets plunging.
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