Recent activity in the world of Shiba Inu Coin (SHIB) has caught the attention of crypto enthusiasts. Massive volumes of SHIB were on the move, as reported by market watcher Whale Alert.
A whopping 4,642,530,677,374 SHIB, equivalent to 38,057,145 USD, were transferred from an unknown wallet to another unknown wallet.
This intriguing movement coincided with a significant blog post by Shytoshi Kusama, the pseudonymous developer behind Shiba Inu.
In his recent blog post, Kusama provided reassurance to the Shiba Inu community. He announced that Shiba Inu was now ready and secure.
This news came as a relief to users following the official launch of Shibarium, a pivotal moment in Shiba Inu’s journey. Shibarium aims to transform Shiba Inu from a meme coin into a network with practical use cases.
Kusama’s post also addressed the technical difficulties that emerged during Shibarium’s launch. He expressed gratitude to the Polygon team for their support during this challenging period.
Kusama reached out to Polygon for assistance, and they readily provided additional resources to ensure a successful outcome. He highlighted the wisdom of their decision to pivot and fork to Polygon, considering the positive results achieved.
Shibarium is showing promising signs of growth. The Shibarium Explorer currently records 73,650 daily transactions and nearly 900,000 addresses on the network.
On August 25, the network reached its peak with over 130,000 transactions recorded. Despite this growth, the network utilization stands at only 33 percent, with the total value locked (TVL) on Shibarium currently at $1.23 million.
While this TVL may appear modest compared to the vast DeFi ecosystem’s $37 billion, it signifies that Shibarium is still in its early stages. Among the nine protocols on Shibarium, DogSwap leads the way with a TVL exceeding $687,000.