Shiba Inu, one of the popular memecoins, is currently among the top-ranked memecoins. The newly launched Layer 2 blockchain of Shiba Inu, called Shibarium, has seen a meteoric rise in the total number of wallets since its relaunch, surpassing one million wallets.
Significant Increase in Activity on the Shibarium Network
This important milestone, announced in a blog post by the official Shibarium team on September 3rd, signifies that at least 900,000 wallets have been added to the Shibarium network since it resumed operations on August 28th. It also indicates that the network has reached such a high number of wallets within just two weeks after its initial launch, despite some technical glitches. Data from the Shibarium blockchain explorer shows that approximately 100,000 transactions were conducted on the network on September 3rd, with the highest activity of 132,000 transactions recorded on August 25th.
While network activity has increased, the total value locked (TVL) in the Shibarium network has not yet seen a corresponding increase. At the time of writing this article, Shibarium’s TVL stands at only $1.06 million, indicating that users have only invested small amounts of capital into the network.
In a blog post written by the Shibarium developers, they mentioned that they are currently collaborating with a series of third-party bridges to help users bridge other tokens to the new blockchain. The team also announced their intention to abandon the contract for the governance token Bone (BONE) and expressed their desire to add more validators to the network in the coming weeks.
Shiba Inu and Ecosystem Tokens Yet to Experience the Expected Rise
As of September 1st, Shibarium users can use Shiba Inu (SHIB), Bone, Leash (LEASH), and other tokens on the Shibarium network to lend, borrow, and stake tokens in order to earn rewards. Many Shiba Inu holders were expecting a significant increase in the prices of various Shiba Inu ecosystem tokens following the launch of Shibarium. However, SHIB, BONE, and LEASH have failed to realize the expected price increase.
According to CoinMarketCap data, despite moderate gains seen before the launch of Shibarium, the price of SHIB has dropped by over 20% since the unsuccessful launch on August 16th. The remaining Shiba Inu ecosystem tokens are also not performing well. BONE has lost 15% of its value in the past 14 days, while LEASH has experienced a 14.2% decline during the same period.
