Shibarium Surpasses 1 Million Wallets in Meteoric Rise, But SHIB and Associated Tokens Face Turbulent Waters

Shiba Inu’s layer two (L2) scaling endeavor, Shibarium, has successfully crossed the 1 million wallet threshold since its inception, as evidenced by data from shibariumscan.io. Yet, the project’s native token, SHIB, has seen a decline of over 4% in the past week and a substantial drop of more than 18% in the previous month.

Shiba Inu’s Shibarium Booms With Wallets, But Tokens Navigate Choppy Waters

On August 30, 2023, Bitcoin.com News highlighted that Shiba Inu’s L2 scaling solution, Shibarium, was operating smoothly after facing initial challenges. Back then, the count stood at roughly 157,685 wallets. Fast forward to today, and that number has catapulted to over 1.1 million — marking a 598% surge in just under a week.

On the transaction front, Shibarium recorded a peak of 132,000 transfers on August 24, 2023. Since that peak, the daily transaction volume has oscillated between 40,000 and 99,000 transfers. In total, 986,716 transactions have been logged. With blocks being validated every 5 seconds, over 455,000 Shibarium blocks have been authenticated to date. Additionally, figures from defillama.com on September 4, 2023, show Shibarium L2 boasting a total value locked (TVL) of $1.05 million.

However, it’s worth noting a decline in Shibarium’s TVL, which was $1.46 million on August 29. A bulk of this value is anchored in two Shibarium-focused decentralized exchange (dex) platforms: Dogswap and Marswap. Of the total, Dogswap claims $620,362, while Marswap stands at an estimated $271,547. The third in line, Woofswap, has a reserve of around $73,102. Stats show that all nine Shibarium-centric platforms registered a drop in their TVL in the past day.

Zooming in on the tokens, SHIB has depreciated by 4% this week and stands 18% weaker against the U.S. dollar. BONE, too, hasn’t been spared, plunging over 16% this week and 39% in the past month. LEASH didn’t fare much better, dipping 14% in a week, and over the last month, it’s down by 32%. Despite Shibarium’s smooth operational curve, the crypto tokens under the Shiba Inu umbrella have seen brighter days.

What do you think about Shibarium’s activity and the recent decline of Shiba Inu project tokens? Share your thoughts and opinions about this subject in the comments section below.