Shibarium Hits 1 Million Wallets Amid Impressive Growth, SHIB Struggles to Catch Up

Ramona Galas
17 Sep 2023
Despite a more than 20% decline in the price of SHIB since the turbulent launch of the layer-2 network, Shibarium network activity has surged.

Shiba Inu's newly launched layer-2 blockchain, the Shibarium network, recently achieved a major milestone by surpassing 1 million wallets. This remarkable growth has occurred since the network's relaunch, with over 900,000 wallets added within two weeks of its initial launch, despite encountering some technical challenges along the way.

The data from the Shibarium blockchain explorer reveals nearly 100,000 transactions as of 5:04 AM UTC on September 3, with a peak of 132,000 transactions recorded on August 25.

However, despite the increased network activity, the total value locked (TVL) on the Shibarium network has not experienced a corresponding surge. Currently standing at just $1.06 million, it suggests that users are deploying relatively small amounts of capital within the network.

In a recent blog post, Shibarium developers disclosed ongoing collaborations with third-party bridges to facilitate the transition of other tokens to the new blockchain. Additionally, they announced plans to renounce the contract for their governance token, Bone (BONE), and expressed intentions to add more validators to the network in the coming weeks.

Since September 1, Shibarium users have had the ability to use Shiba Inu (SHIB), Bone (BONE), Leash (LEASH), and other tokens available on the Shibarium network for lending, borrowing, and staking to earn rewards.

Despite high hopes among Shiba Inu holders for a significant price increase following the Shibarium launch, the overall price action for SHIB, BONE, and LEASH tokens has not met expectations. SHIB's price has fallen by more than 20% since the troubled August 16 launch, according to CoinGecko data.

Other Shiba Inu ecosystem tokens have faced similar challenges, with BONE's price declining by 15% over the past 14 days, and LEASH experiencing a 14.2% drop during the same period.

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