Since January, the Shiba Coin community has been eagerly anticipating the launch of Shibarium. Last month, the mainnet transition took place, and due to the significant interest during the testnet phase, investors predicted that the project would remain strong with the mainnet launch. So, what is the current status of Shibarium according to the latest data?
Shibarium and Shiba Coin
Shibarium, Shiba Inu’s Ethereum scaling solution, has officially started its network operations. Shortly after the bridge’s activation, the number of wallets interacting with the Shibarium blockchain surpassed the 1 million threshold. However, the Shibarium bridge faced issues such as transaction delays and temporarily inaccessible funds before it resumed operations on August 28th. Nevertheless, the lead developer, Shytoshi Kusama, assured the community that their funds were “safe,” alleviating their concerns.
According to data from Shibarium Scan, the bridge witnessed the participation of over 1 million wallets. These users collectively carried out over 783,000 transactions, with an average daily transaction count of approximately 73,640.
Shiba Coin (SHIB) Analysis
So, why is Shiba Coin’s price not performing as expected despite reaching 1 million wallet count? There are several reasons for this. Firstly, the overall market sentiment is much worse for altcoins. It should not come as a surprise that there is negative performance for investors while many cryptocurrencies are heading towards all-time low levels. Additionally, despite the increase in transactions, there has not been a significant rise in the total value locked (TVL) on the bridge. The TVL currently stands at $1.6 million.
DeFillama data shows that the key players on the network are decentralized exchanges, primarily DogSwap and MARSWAP. These platforms account for approximately $1 million of the total TVL.
Nevertheless, the increase in the number of interacting wallets indicates a notable trend within the Shiba Inu community. This project will help Shiba Coin break free from the meme coin stereotype and build a real ecosystem. Furthermore, despite being minimal for now, the increased transaction activity is a positive sign for both the network and SHIB tokens. Each transaction results in the burning of Shiba Inu tokens, and the latest Shibburn data reveals that 71.45 million tokens were burned in the past 24 hours.
