Data from shows that Shiba Inu’s layer two (L2) scaling project, Shibarium, has successfully passed the 1 million wallet mark since its creation. SHIB, the project’s native token, has nevertheless dropped significantly over the past week—almost 4%—and over the previous month—more than 18%.

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

Shibarium, the L2 scaling solution developed by Shiba Inu, was working without any issues as of August 30, 2023, according to News. At that time, there were about 157,685 wallets in total. Today, that figure has risen to over 1.1 million, representing an increase of 598% in just under a week.

Shibarium’s transaction volume peaked at 132,000 transfers on August 24, 2023. The daily transaction volume has varied between 40,000 and 99,000 transfers since that high point. 986,716 transactions have been logged overall. Currently, approximately 455,000 Shibarium blocks have been authenticated, with blocks being checked every 5 seconds. As of September 4, 2023, Shibarium L2 has a total value locked (TVL) of $1.05 million, according to data from

See also  Bitcoin Halving Model Suggests $24,000 Bottom Before Year's End

It is important to note that Shibarium’s TVL, which was $1.46 million on August 29, has decreased. Two decentralized exchange (dex) sites with a Shibarium focus, Dogswap and Marswap, account for the majority of this value. Dogswap takes home $620,362 of the total, while Marswap is believed to be worth $271,547. Woofswap, who is third in line, has a reserve of about $73,102. According to statistics, each of the nine platforms focused on Shibarium had a decrease in TVL over the previous day.

Focusing in on the tokens, SHIB has lost 4% of its value this week and now trades at an 18% discount to the US dollar. Bone has also suffered, falling more than 16% this week and 39% over the previous month.


Leave a Reply