Despite the rollercoaster ride of Shiba Inu’s token price, the Shibarium network has experienced a meteoric surge in activity. The newly launched layer-2 blockchain, Shibarium, has achieved a significant milestone by surpassing the one million wallet mark.
This remarkable achievement was proudly announced by the official Shibarium team in a blog post dated September 3rd. It’s worth noting that this milestone comes in the wake of Shibarium’s relaunch on August 28th, with an astonishing 900,000 wallets added in just two weeks after the network’s initial debut – albeit not without its technical challenges.
Activity Skyrockets, TVL Yet to Follow
Shibarium’s blockchain explorer data reveals a frenzy of activity, with nearly 100,000 transactions as of September 3rd and a peak activity of 132,000 transactions recorded on August 25th. However, while network activity has skyrocketed, the total value locked (TVL) on the Shibarium network hasn’t surged in tandem. At the time of writing, Shibarium’s TVL stands at a modest $1.06 million, suggesting that users are cautiously deploying relatively small amounts of capital on the network.
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To facilitate the ease of bridging other tokens onto the new blockchain, Shibarium developers are collaborating with several third-party bridges. Additionally, the team has exciting plans in the pipeline, including the renunciation of the contract for its governance token, Bone (BONE), and an expansion of validators on the network in the coming weeks.
Related: SHIB Devs Relaunch Bridge, Shibarium Wallets Surpass 100K
Price Expectations vs. Reality
While many Shiba Inu holders had high hopes for a price surge in various Shiba Inu ecosystem tokens following Shibarium’s launch, the market’s response has been somewhat muted. Despite some moderate gains leading up to the Shibarium launch, the price of SHIB has dipped by over 20% since the somewhat rocky launch on August 16th, according to Coinmarketcap data.
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The other tokens in the Shiba Inu ecosystem haven’t fared much better, with BONE’s price falling 15% and LEASH dropping 14.2% over the past two weeks. While Shibarium is bustling with activity and the Shiba Inu ecosystem continues to evolve, the cryptocurrency market remains unpredictable, and price actions often defy expectations.