Shiba Inu’s Shibarium Network Surpasses 1 Million Wallets in Less Than a Week

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Title: Shiba Inu’s Shibarium Network Surpasses 1 Million Wallets in Less Than a Week

In a significant milestone for the Shiba Inu community, the Shibarium network, Shiba Inu’s layer 2 solution, has attracted over 1 million wallets in less than a week since its relaunch on August 28. This development comes after addressing initial issues with the Shibarium bridge, which encountered transaction delays and temporary inaccessibility of funds. Lead developer Shytoshi Kusama reassured the community that their funds were safe.

1 Million Wallets and Growing

Shibarium Scan data indicates that more than 1 million wallets have engaged with the network, collectively executing over 783,000 transactions. The network currently sees an average of approximately 73,640 daily transactions, with a total block count of 421,736. However, the total value locked (TVL) on the bridge remains modest at $1.16 million.

Key Players in the Network

Decentralized exchanges like DogSwap and MARSWAP are among the key players on the Shibarium network, contributing approximately $1 million to the overall TVL. This indicates a growing trend within the Shiba Inu community, moving the project beyond meme-based token status toward practical utility.

SHIB Token Burn and Price Challenges

Increasing transaction activity on the Shibarium network has led to a higher burn rate of Shiba Inu tokens (SHIB). In the past 24 hours, a remarkable 71.45 million SHIB tokens were burnt, marking a 192% increase in the burn rate compared to the previous day. This demonstrates the positive impact of Shibarium transactions in reducing the extensive SHIB token supply.

Read More: Bitcoin Faces Risk of Falling to $23,000, but Large Holders Accumulate

Despite the network’s strong performance, the price of SHIB has faced challenges. Over the past week, SHIB has declined by 3.7%, and over the past month, it has experienced a 4.5% decrease in value. This ongoing price trend has persisted for several months, even as the network gains traction and user engagement increases.

In conclusion, the rapid growth of the Shibarium network with over 1 million wallets and increased transaction activity is a significant achievement for the Shiba Inu community. While the network’s performance is promising, SHIB’s price continues to face downward pressure, highlighting the complex dynamics between token utility and market sentiment.

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