- The developers of Shibarium, the Layer 2 (L2) blockchain of Shiba Inu, announced that withdrawals via the bridge have been reopened. The L2 network became operational on August 16 after development work.
- Shibarium users can now complete withdrawals for assets such as SHIB, Doge Killer, and wETH, which may take between 45 minutes and 3 hours.
- The daily number of new addresses created for trading SHIB has also decreased. According to data from the same provider, there was a 48% decrease in the number of new addresses during the same period.
Shibarium continues its operations after addressing network issues and criticisms; there is a decrease in new demand for the SHIB token.
Shibarium Network Continues Full Steam Ahead
The developers of Shibarium, the Layer 2 (L2) blockchain of Shiba Inu, announced that withdrawals via the bridge have been reopened. The L2 network became operational on August 16 after development work. However, it quickly encountered scalability issues due to a significant increase in transactions. Additionally, there were issues with the bridge where users sent tokens from the Ethereum network.
This situation forced the team to temporarily suspend both the Shibarium mainnet and the bridge in order to identify and fix these problems. In the early hours of August 28, the team confirmed that the L2 network and the bridge have been reopened and that “all funds are safe.”
As stated in the announcement, through the bridge, Shibarium users can now complete withdrawals for assets such as SHIB, Doge Killer, and wETH, which may take between 45 minutes and 3 hours. Users can also perform withdrawals for the native token BONE, but these transactions may take up to seven days to complete.
Since its initial launch, Shibarium has created 66,869 wallet addresses and completed a total of 368,568 transactions.
New Demand for SHIB Shows a Decrease
SHIB has experienced a decrease in network activity since mid-August, contributing to a decline in the value of the meme coin. As of now, the price of SHIB, which was trading at $0.000007925, has dropped by 22% since August 15.
Data from Santiment shows a decrease in the daily number of addresses trading with the altcoin since that date. SHIB, which completed yesterday’s trading session with 3129 active addresses, recorded a 24% decrease in the number of daily active addresses.
Similarly, the daily number of new addresses created for trading SHIB has also decreased. According to data from the same provider, there was a 48% decrease in the number of new addresses during the same period.
As the price of SHIB decreases, the number of whale transactions has also decreased. Since mid-August, the number of SHIB transactions over $100,000 has decreased by 88%. Similarly, the daily number of whale transactions with a value of over $1 million has decreased by 94% since August 15. On August 27, there were no SHIB transactions with a value of $1 million or more.
The decrease in whale transactions accurately reflects the current sentiment that is negatively impacting the memecoin.
