Finance11 August, 20262 min read
Shiba Inu Shibarium Transactions Surge 507% Before Dropping Back To Baseline
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Shibarium daily transactions jumped 507% from 738 to 4,480 on August 9. The spike was quickly reversed, returning to baseline after the surge.
5 outlets told this the same way.
Shibarium Activity Reverses
Shiba Inu’s layer 2 network Shibarium saw daily transactions jump from 738 on August 8 to 4,480 on August 9, a rise that Shibariumscan data described as a 507% surge in activity. The spike then reversed quickly, with daily transaction count falling to 831 on August 10, returning to the baseline after earlier surges in July and another spike on August 9.
The Bitget report also said development activity continues on Shibarium behind the scenes, citing Mazrael’s note that Shiba Inu developers expanded 18 developer documentation pages covering ERC-4337 gasless transactions (Paymaster), Crypto Payments API, hosted on-chain data endpoints, and ShibaSwap SDK. Bitget framed the market backdrop as tentative, saying SHIB was down 3.48% in the last 24 hours to $0.0000045 and down 9.58% weekly, while crypto futures trading volume rose 20% to $139 billion in 24 hours and total open interest rose 3% to $115.4 billion.
Erebor Fundraising Talks
Crypto-friendly Erebor Bank is in advanced talks to raise about $1.5 billion in a deal that would value the year-old firm at about $9.5 billion, the Financial Times reported via CoinDesk. CoinDesk said Lux Capital, Human Capital, Valor Equity Partners, Andreessen Horowitz and SV Angel are expected to make large commitments, with existing investors including 8VC and Haun Ventures set to take part.
The report tied the fundraising to Erebor’s growth, saying deposits reached $4.6 billion by the end of July, up from $1.1 billion at the end of March, as Erebor expands its deposit base and starts lending activity. CoinDesk also said regulators require Erebor to maintain a leverage ratio of at least 12% during its first three years, and that the bank’s lending push includes a $200 million credit facility for nuclear start-up Valar Atomics.
Policy, Deposits, and Lending
In parallel with the Erebor fundraising story, Cryptonews.net framed U.S. crypto legislation as potentially heading back to the “congressional drawing board,” with U.S. Representative Maxine Waters positioned to steer legislation on crypto market rules if she returns to the helm of the House Financial Services Committee.
Cryptonews.net quoted Blockchain Association CEO Summer Mersinger in a CoinDesk interview saying, "Regardless of how you feel about crypto, we can't just ignore it," and added that the “best thing” is to create a federally federal regulatory structure.
The same Cryptonews.net piece described betting on Kalshi predicting a Democratic House majority at an 84% likelihood and a 47% coin toss for the Senate, while also noting that Senator Elizabeth Warren could ascend to lead the key Senate Banking Committee if Democrats prevail.
Meanwhile, CoinDesk reported that Erebor received final U.S. approval to operate in February and that its planned services include deposits, credit, stablecoin products, treasury management and payments, with the bank also serving payment companies, investment funds and trading firms.