The Shiba Inu (SHIB) team has re-launched the Shibarium L2 network in private mode after the initial launch was fraught with technical problems. SHIB price holds steady at $0.0000008, but on-chain indicators suggest the bulls could return to action at any moment. 

Shiba Inu launched the Shibarium mainnet, a layer-2 scaling solution, on August 16 after months of testing that attracted millions of transactions. However, it was quickly halted after a series of technical problems. Presumably, in fears of network vulnerability, Shiba Inu holders have been moving their tokens into self-custody since the initial Shibarium launch. 

SHIB Market Supply Has Shrunk Considerably

Despite assurances of a $2 million insurance scheme, Shiba Inu deposited in crypto exchange wallets has now dropped to the lowest in over a year. 

Data from Cryptoquant depicts that Shiba Inu Exchange Reserves entered its ongoing decline on August 17, barely after the Shibarium mainnet launch on August 16. Zooming out, the data shows that SHIB Exchange Deposits have not dropped this low since February 2022. 

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Author: Ibrahim Ajibade

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