5.7 billion SHIB tokens burned, reducing supply and sparking interest.

Token withdrawals now live in Shibarium, resolving issues from botched launch.

The distinctive meme coin, Shiba Inu, known for its consistent updates and developments, marked a significant milestone last month with the launch of its mainnet blockchain, Shibarium. Adding to it , In its special month August, Shiba Inu burned a staggering 5,715,986,938 SHIB tokens. It is currently valued at $45,532. This impressive burn took place through 763 transactions, showcasing the commitment to reducing token supply.

Adding to it, One of the recent developments of Shiba Inu is the activation of token withdrawals from the Shibarium bridge. Weeks following the much-anticipated launch that suffered from software bugs, which resulted in millions of dollars temporarily trapped on the network. Users can now access their tokens and utilize them as intended

Also the ecosystem displayed resilience as some 600,000 wallets engaged in over 700,000 transactions on the Shibarium network within just a week after resolving the initial hiccups.

Data from blockchain explorers reveals that nearly 100,000 transactions occurred on August 31. With a peak activity of 132,000 transactions on August 25. As of the latest update, Shibarium users can seamlessly swap tokens, engage in lending and borrowing activities. And stake tokens to earn rewards, adding utility to the ecosystem.

Whale Movements And SHIB Price Reflections

In a notable twist, an unknown SHIB whale made a significant move by transferring nearly $38 million worth of tokens in an unusual transaction early Friday. Transactional data reveals that the whale first moved $160,000 in SHIB. And subsequently transferred $37.4 million in SHIB to a new wallet on the Ethereum blockchain.

Finally, Amid these developments, SHIB continues to face bearish pressure, currently priced at $0.00000796, reflecting a 3% decline. The Relative Strength Index (RSI) stands at 41, indicating that the token is approaching oversold conditions.

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Filed under: Bitcoin - @ September 1, 2023 1:25 pm