The total number of wallets interacting with Shiba Inu’s Layer 2 network, Shibarium, surpassed 1 million today, less than a week after the mainnet bridge returned to optimal performance.
Before the restart on August 28, the Shibarium Bridge was experiencing issues such as transaction delays and temporarily inaccessible funds. However, lead developer Shytoshi Kusama allayed the community’s fears, stating that their funds were “safe.”
Shibarium wallets exceed 1 million
According to data from Shibarium Scan, over 1 million wallets became active on the bridge. These users have collectively executed over 783,000 transactions, with a daily average of approximately 73,640 transactions. It is noteworthy that the total block number of the blockchain is currently 421,736.
Shibarium statistics. Source: Shibarium scan
Despite the surge in transactions, this has not yet resulted in a significant increase in the total assets locked on the bridge. Currently the figure stands at a modest $1.16 million.
Data from DeFillama shows that the main players in the network are decentralized exchanges, most notably DogSwap and MARSWAP. The platforms account for about $1 million of the total TVL.
Meanwhile, the significant increase in wallet addresses and transaction activity indicates a notable trend within the Shiba Inu community. This project promises to potentially evolve SHIB from a meme-based token to one with practical use.
SHIB price struggles despite high burn rate
The increasing transaction activity bodes well for both the network and the SHIB tokens. Every transaction results in the burning of Shiba Inu tokens, and recent Shibburn data shows an impressive 71.45 million tokens were burned in the last 24 hours.
This increase represents a notable 192% increase in burn rate compared to the previous day, highlighting the significant impact that Shibarium transactions can have in reducing Shiba Inu’s extensive token supply.
Notably, around 6 billion tokens were burned in August, coinciding with the launch of Shibarium.
SHIB price history. Source: BeInCrypto
While Shibarium has shown promising performance, SHIB, its associated token, has faced major challenges. Over the past week, SHIB is down 3.7%.
If this metric is extended to a month, it has experienced a 4.5% loss in value, according to BeInCrypto data. This downward trend in SHIB price has been going on for several months.
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