Shibarium, which was closed last week due to heavy traffic, led to a sharp drop in the prices of both SHIB and other ecosystem tokens. As the altcoin market enters September in a red hue, network growth metrics present a positive outlook.
Altcoin whales accelerating as Shibarium user numbers soar to record
Shiba Inu, the second largest meme token, has reached milestones since the Tier-2 ecosystem launched Shibarium. But the exaggerated demand brought Shibarium to the point of suffocation at one point. cryptocoin.com As we reported, it took a few days for the altcoin network to become active again. Meanwhile, prices dropped by double digits.
Altcoin withdrawals from the Shibarium bridge are now live and available to users, weeks after a very exaggerated launch quickly ended after being flooded with software bugs that caused millions of dollars of uncertainty to the network.
Network metrics rising, but TVL unstable
According to data from blockchain explorers, around 100,000 transactions took place on August 31. It had previously peaked at 132,000 transactions on August 25. Starting Friday, users can use SHIB, BONE and other tokens to trade on Shibarium.
Currently, Shibarium has a locked value of only $1.26 million. This shows that the average user spends very little capital on the Tier-2 network. According to the data, this is less than 1% of the $35 billion locked in various Blockchains in the crypto ecosystem.
An anonymous altcoin whale raises its hand amid crisis
Elsewhere, an anonymous SHIB whale made an unusual move earlier today. The giant investor carried $38 million worth of SHIB at one time. Transaction data shows that the whale first moved $160,000 in SHIB, then $37.4 million in SHIB to a new wallet on Ethereum.
The launch of Shibarium, meanwhile, looked like a “buy the rumor, sell the news” thing. This was due to the state of foreign exchange inflow and outflow. According to on-chain data, SHIB’s stock market entry was 29.25 million. Which explains the reason behind the whale operations in detail.
What do on-chains say about the Shiba Inu? Are altcoin investors interested?
Santiment reported that SHIB tokens used between August 30-31 increased, according to circulation. Currently, approximately 7.88 trillion altcoins have been involved in transactions. This means that the previously overlooked status of the Shiba Inu has changed.
Market Value to Realized Value (MVRV) Z-score decreased to -3.43. The MVRV Z-score is a function of the difference between an asset’s market value and its actual value.
High values of the Z-score mean that an asset may be overvalued. However, the fact that the MVRV Z score is in negative territory means that SHIB may be undervalued and there may be a buying opportunity at its current value.
