Activity on the Shibarium network has skyrocketed, even as the price of its native token SHIB has dipped by over 20% following the layer-2 network’s somewhat rocky debut.
The Shiba Inu’s recently introduced layer-2 blockchain, known as the Shibarium network, has experienced exponential growth, exceeding 1 million wallets. This rapid surge was officially reported in a blog post dated September 3 by the Shibarium core team. The network added around 900,000 wallets since its reintroduction on August 28, which occurred just two weeks after Shibarium initially went live, albeit with some technical glitches.
Data sourced from the Shibarium blockchain explorer reveals that nearly 100,000 transactions had been recorded as of 5:04 a.m. UTC on September 3, with peak activity reaching 132,000 transactions on August 25.
Despite the rise in network activity, the total value locked (TVL) in Shibarium remains relatively low. As of the report’s publication date, the network’s TVL was a mere $1.06 million, indicating that users are committing only small sums of capital to the platform.
In the same blog post, the Shibarium development team indicated they are in the process of partnering with various third-party bridge services to facilitate the transfer of other tokens onto their new blockchain network. The team also disclosed intentions to relinquish the contract for its governance token, Bone (BONE), and added that plans are underway to onboard additional network validators in the coming weeks.
Since September 1, users of the Shibarium platform have had the ability to use Shiba Inu (SHIB), Bone (BONE), Leash (LEASH), and several other tokens present on the network to lend, borrow, and stake tokens for rewards.
While many Shiba Inu enthusiasts were optimistic about a price surge for SHIB, BONE, and LEASH following the Shibarium launch, this anticipation has not been met with the expected price escalation.
In the run-up to Shibarium’s launch, the price of SHIB did experience some moderate gains. However, it has subsequently retreated, dropping slightly over 20% since the network’s flawed rollout on August 16, as per CoinGecko data.
Likewise, the rest of the tokens in the Shiba Inu ecosystem haven’t fared much better in terms of value. In the past two weeks, the price of BONE decreased by 15%, and LEASH saw a 14.2% reduction within the same period.