Shibarium Soars to 1 Million Wallets as SHIB Struggles to Keep Pace with Explosive Growth

Shiba Inu’s recently unveiled layer-2 blockchain, known as the Shibarium network, has achieved a remarkable milestone, surpassing one million wallets. This achievement comes on the heels of its relaunch, signaling an extraordinary ascent.

The official Shibarium team shared this milestone in a blog post dated September 3, revealing that an impressive 900,000 wallets were added following the Shibarium relaunch on August 28. This substantial growth transpired within just two weeks after the initial launch of the Shibarium network, which experienced some minor technical glitches along the way.

Data from the Shibarium blockchain explorer indicates that, as of 5:04 am UTC on September 3, nearly 100,000 transactions have taken place, with the peak activity reaching 132,000 transactions on August 25.

Despite this surge in network activity, the total value locked (TVL) on the Shibarium network has not exhibited a corresponding increase. As of the time of this report, Shibarium’s TVL stands at a modest $1.06 million, suggesting that users are primarily deploying relatively small amounts of capital on the network.

In their blog post, the Shibarium developers highlighted their ongoing collaboration with various third-party bridges to facilitate the transfer of other tokens to the new blockchain. Furthermore, they disclosed their intentions to renounce the contract for their governance token, Bone (BONE), and expressed their plans to onboard additional validators to enhance the network’s stability in the coming weeks.

Starting from September 1, Shibarium users gained the capability to utilize Shiba Inu (SHIB), Bone (BONE), Leash (LEASH), and various other tokens available on the Shibarium network for lending, borrowing, and staking to earn rewards.

Despite the optimistic expectations of many Shiba Inu holders for a substantial price surge in the various Shiba Inu ecosystem tokens following the Shibarium launch, the price action for SHIB, BONE, and LEASH tokens has not met those expectations.

While SHIB experienced moderate gains leading up to the Shibarium launch, it has since witnessed a slight decline of approximately 20% since the somewhat problematic launch on August 16, as per data from CoinGecko.

The other tokens within the Shiba Inu ecosystem have faced similar challenges, with BONE declining by 15% over the past 14 days, and LEASH experiencing a drop of 14.2% within the same timeframe.

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