Shibarium Reaches 1 Million Wallets, SHIB Struggles to Keep Up

Shibarium Network Hits Impressive Milestone

The newly launched layer-2 blockchain, Shibarium, has achieved a remarkable feat by surpassing one million wallets. In less than two weeks since its relaunch, the network has seen a staggering addition of 900,000 wallets, marking an extraordinary growth.

Impressive Activity on the Network

As of September 3, the Shibarium blockchain explorer reveals that there have been nearly 100,000 transactions on the network. On August 25, the network experienced its peak activity with 132,000 transactions. The surge in network activity is a strong indication of the growing popularity of Shibarium.

Value Locked on Shibarium Network Remains Low

Despite the significant increase in network activity, the total value locked (TVL) on the Shibarium network has not seen a similar surge. Currently standing at just $1.06 million, the TVL suggests that users are deploying relatively small amounts of capital on the network.

Shibarium Developers Collaborate with Third-Party Bridges

In their blog post, the Shibarium development team revealed their collaboration with several third-party bridges to facilitate the bridging of other tokens onto their new blockchain. This partnership aims to offer investors more options and accessibility within the Shibarium network.

Plans for Future Development

The Shibarium team also announced their intentions to renounce the contract for their governance token, Bone (BONE). In addition, they are actively seeking to add more validators to the network in the coming weeks, highlighting their ambition for further growth and expansion.

Price Action of SHIB, BONE, and LEASH Tokens Disappoints Investors

Despite high hopes among Shiba Inu holders, the price of SHIB, BONE, and LEASH tokens has not experienced the anticipated surge following the launch of Shibarium. Since the flawed launch on August 16, the price of SHIB has decreased by over 20%, according to CoinGecko data.

Decline in Value for Ecosystem Tokens

The remaining tokens within the Shiba Inu ecosystem have also faced a decline in value. Over the past 14 days, the price of BONE has fallen by 15%, while LEASH has experienced a drop of 14.2% within the same timeframe.