The Shibarium network is making headlines as it reaches a remarkable milestone of 1 million wallets, despite the price of SHIB experiencing a significant drop of over 20% since the turbulent launch of the layer-2 network.
The Shibarium network, Shiba Inu's recently introduced layer-2 blockchain, has achieved a momentous feat by surpassing one million wallets in a rapid ascent following its relaunch. This achievement, disclosed in a blog post by the official Shibarium team on September 3, implies that approximately 900,000 wallets were added since Shibarium's relaunch on August 28, merely two weeks after the initial launch of the network, which did face some technical glitches.
Data from the Shibarium blockchain explorer reveals that nearly 100,000 transactions have taken place as of 5:04 am UTC on September 3, with a peak activity of 132,000 transactions recorded on August 25.
Despite this surge in network activity, the total value locked (TVL) on the Shibarium network has not experienced a corresponding increase. At the time of this publication, Shibarium's TVL stands at just $1.06 million, indicating that users are primarily deploying relatively small amounts of capital on the network.
In their blog post, the Shibarium developers mentioned ongoing collaborations with various third-party bridges aimed at assisting investors in bridging other tokens to the new blockchain. Additionally, the team revealed plans to renounce the contract for their governance token, Bone (BONE), and expressed their intention to incorporate more validators into the network in the upcoming weeks.
Starting from September 1, Shibarium users gained the ability to utilize Shiba Inu (SHIB), Bone (BONE), Leash (LEASH), and many other tokens available on the Shibarium network for lending, borrowing, and staking to earn rewards.
While many Shiba Inu holders had anticipated a substantial increase in the prices of various Shiba Inu ecosystem tokens following the launch of Shibarium, the actual price action for SHIB, BONE, and LEASH tokens has not met these expectations.
Despite experiencing some moderate gains in the lead-up to the Shibarium launch, the price of SHIB has since declined by just over 20% since the turbulent launch on August 16, according to data from Coinmarketcap. Similarly, the values of other Shiba Inu ecosystem tokens, including BONE and LEASH, have not fared much better, with BONE's price falling by 15% over the past 14 days and LEASH experiencing a 14.2% drop within the same timeframe.