Shibarium Wallets Cross 1 Million Mark
The total number of wallets interacting with Shiba Inu’s layer2 network, Shibarium, has crossed the 1 million mark. This milestone was achieved less than a week after the mainnet bridge started functioning smoothly. Despite some initial issues, lead developer Shytoshi Kusama assured the community that their funds were safe.
Key Points:
- Over 1 million wallets have engaged with Shibarium, executing over 783,000 transactions with a daily average of approximately 73,640 transactions.
- The total assets locked on the bridge currently stand at $1.16 million.
- Decentralized exchanges like DogSwap and MARSWAP are the key players on the network, contributing to approximately $1 million of the overall TVL.
- The surge in wallet addresses and transaction activity suggests a potential shift for SHIB from a meme-based token to one with practical utility.
- Shibarium transactions have resulted in a 192% increase in the burn rate of Shiba Inu tokens, leading to a reduction in token supply.
SHIB Price Struggles Despite High Burn Rate
Although Shibarium’s performance has been positive, the associated token, SHIB, has faced challenges. Over the past week, SHIB has seen a 3.7% decline in value, and over the past month, it has experienced a 4.5% decrease. This downward trend in SHIB’s price has persisted for several months.
Hot Take:
The significant increase in wallet addresses and transaction activity on Shibarium indicates a shift towards practical utility for SHIB. However, the declining price of SHIB remains a concern and may require further analysis to determine the underlying factors affecting its value.
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