Last week, investors withdrew 2 trillion Shiba Inu tokens from exchange wallets, and the Shiba team re-launched Shibarium. This suggests the altcoin could experience positive movement in the near future.
In August, altcoins retraced alongside Bitcoin’s movement. However, a few have shown signs of recovery, and Shiba Inu seems primed for an upswing.
Shiba Inu faced challenges with its Shibarium mainnet release, resulting in a roughly 30% loss for the meme token. Currently, SHIB is trading at $0.000008, down 2% in the last 24 hours.
On the brighter side, there’s optimism as a substantial amount of Shiba Inu tokens have been moved away from exchange wallets. Around 2 trillion SHIB coins were withdrawn from cryptocurrency exchanges in the previous week.
#ShibaInu | A staggering 2 trillion $SHIB tokens have been pulled from known #crypto exchange wallets just this past week. pic.twitter.com/MiWMNUp7jY
— Ali (@ali_charts) August 27, 2023
Between August 17 and August 26, Shiba Inu holders withdrew 1.8 trillion tokens, valued at around $14.5 million based on the current value. This withdrawal suggests the potential for another supply shortage that could significantly impact Shiba prices. Amid reduced concerns about Shibarium and growing market demand, the meme coin might experience price surges.
Shibarium is live and functioning smoothly
In a blog post on Monday, Shytoshi Kusama confirmed that Shibarium is live and functioning well. Kusama mentioned that they will reopen channels as Shibarium is now prepared for mainstream use, with secure funds.
🚀 #Shibarium is officially LIVE! With 65K wallets & 350K transactions. pic.twitter.com/Nk3RrLn1gx
— Aaryan (@Aaryan92757628) August 28, 2023
Shibarium has seen notable growth, with over 65,000 wallets and around 350,000 transactions. The Shiba Inu developer praised the community’s dedication.
Kusama also thanked Polygon for their strong support during challenges, providing extra resources to overcome initial obstacles.
According to Shibariumscan.io, on August 25, the platform processed about 132,739 transactions, the highest since the public re-launch on August 24. However, the numbers decreased over the weekend, with 78,870 transactions on Saturday and 40,433 on Sunday.
It appears the Shiba Inu team has resolved the block production issues that arose during the initial launch of Shibarium.
Shiba Inu’s daily active addresses
Shiba Inu’s market demand remains neutral. The Daily Active Addresses (DAA) dropped by 56% from 8,214 to 3,647 between August 16 and August 26.
Source – CryptoQuant
Active addresses represent the number of people using a blockchain platform for transactions within a day. This indicates a notable reduction in the use of Shiba Inu for transactions.
The relaunch of Shibarium could potentially lead to a bullish sentiment for the Shiba Inu price. If usage and token burns increase, there might be heightened interest in the altcoin in the coming days.
However, Shiba Inu’s price would need to overcome various obstacles to ensure a successful upward trajectory.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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