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.
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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.
