Shibarium Surpasses 1 Million Wallets But SHIB Price Remains Subdued


Shiba Inu’s Shibarium network, its innovative layer-2 blockchain, has recorded over 1 million wallets in an astounding development. Shortly after its relaunch, this rapid ascent underscores the growing momentum and interest in the platform.

Accelerated Ecosystem Growth 

Within a fortnight since the Shibarium network’s inception – despite some initial technical glitches – it added an impressive 900,000 wallets. This development is highlighted in the Shibarium team’s Sept. 3 update and illustrates the platform’s accelerating traction.

As per the Shibarium blockchain explorer’s latest data, as of 5:04 am UTC on Sept. 3, nearly 100,000 transactions have been registered. Intriguingly, a record spike of 132,000 transactions occurred just days earlier, on Aug. 25.

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Though the network’s activity showcases a bullish trend, Shibarium’s Total Value Locked (TVL) has displayed a more restrained progression. Currently pegged at a modest $1.06 million, it hints at users’ propensity to transact smaller capital amounts.

Developer Collaborations & Future Plans

The Shibarium developers, in their recent publication, revealed ongoing collaborations with several third-party bridge entities. This strategic move aims to ease the process for investors keen on transferring different tokens to the Shibarium blockchain.

Moreover, the team disclosed their intent to relinquish the contract of their governance token, Bone (BONE). In tandem with this, they are actively scouting to onboard more network validators in the forthcoming weeks.

Utilizing the Shibarium Platform

From Sept. 1, patrons can harness the potential of several tokens – including Shiba Inu (SHIB), Bone (BONE), and Leash (LEASH). Among other tokens in the Shibarium ecosystem, these tokens can be employed to lend, borrow, or even stake, subsequently earning rewards.

Despite the soaring aspirations of numerous Shiba Inu enthusiasts post the Shibarium launch, the anticipated price surge of SHIB, BONE, and LEASH tokens remains unrealized. The tokens’ price trajectory hasn’t matched the projected upward curve.

While Shibarium’s wallet growth is undeniably commendable, the ecosystem still awaits the full realization of its potential. As collaborations expand and more features roll out, only time will determine the platform’s enduring impact on the crypto domain.

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