Shiba Inu’s Shibarium Wallets Surge to Over 1.1 Million
If you remember, on August 30, 2023, we mentioned that Shiba Inu’s L2 scaling solution, Shibarium, was facing some initial challenges. Well, things have turned around since then. The number of wallets using Shibarium has skyrocketed from around 157,685 to over 1.1 million in less than a week – that’s a massive 598% increase!
In terms of transactions, Shibarium hit a peak of 132,000 transfers on August 24, 2023. Since then, the daily transaction volume has ranged from 40,000 to 99,000 transfers. In total, there have been 986,716 transactions, with over 455,000 Shibarium blocks validated so far, thanks to the 5-second block validation time. Additionally, according to defillama.com, as of September 4, 2023, Shibarium L2 boasts a total value locked (TVL) of $1.05 million.
Shibarium Tokens Face a Decline
However, it’s important to note that Shibarium’s TVL has declined from $1.46 million on August 29. The majority of this value is held in two Shibarium-focused decentralized exchange (dex) platforms: Dogswap and Marswap. Dogswap claims $620,362, while Marswap holds an estimated $271,547. Woofswap comes in third with around $73,102. Notably, all nine Shibarium-centric platforms have seen a decrease in their TVL in the past day.
Let’s talk about the tokens. SHIB has seen a 4% depreciation this week and is 18% weaker against the U.S. dollar. BONE has also suffered, dropping over 16% this week and 39% in the past month. LEASH isn’t faring any better, experiencing a 14% dip in a week and a 32% decline in the last month. Despite Shibarium’s smooth operation, the Shiba Inu tokens have seen better days.
Hot Take: Shibarium Wallets Surge Amidst Token Challenges
While Shibarium’s wallet count has experienced an impressive surge, the tokens under the Shiba Inu umbrella haven’t been performing well. It’s clear that Shibarium’s L2 scaling solution is attracting users, but the decline in TVL and the depreciation of SHIB, BONE, and LEASH highlight the challenges faced by these tokens. It will be interesting to see how Shiba Inu addresses these issues and whether they can regain their previous momentum. For now, Shibarium continues to be a hot topic in the crypto world, but the tokens themselves are navigating choppy waters.
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