Shibarium Activity Soars Amid Sideways SHIB Price Action

Since its relaunch, the Shibarium network, a layer-2 blockchain developed by Shiba Inu, has seen a sharp increase in the number of wallets, surpassing the 1 million milestone. 

The milestone, which the official Shibarium team announced in a blog post on September 3, indicates that at least 900,000 wallets have been added since Shibarium's relaunch on August 28. This was only two weeks after the Shibarium network first went up, albeit with some technical difficulties.

As of 5:04 am UTC on September 3, nearly 100,000 transactions had been made, with a peak activity of 132,000 transactions on August 25. This information comes from the Shibarium blockchain explorer.

Source: Shibarium.io

The total value locked (TVL) on the Shibarium network has not yet increased in response to the increase in network activity. Shibarium's TVL is barely $1.06 million at the time of publication, indicating that users are only investing very little money in the network.

The creators of Shibarium stated in a blog post that they are now working with several third-party bridges to help investors transfer other tokens to the new blockchain.

The company also stated that it will be canceling the Bone (BONE) governance token contract and that it would be trying to add more validators to the network in the upcoming weeks.

Shibarium users can now lend, borrow, and stake tokens to earn rewards using Shiba Inu (SHIB), Bone (BONE), Leash (LEASH), and many more tokens that are already part of the Shibarium network.

Despite the fact that many Shiba Inu owners had anticipated a significant increase in the price of the various Shiba Inu ecosystem tokens after the release of Shibarium, the overall price action for SHIB, BONE, and LEASH tokens hasn't shown the anticipated increase. 

The price of SHIB has decreased slightly more than 20% from the failed launch on August 16 while experiencing some modest gains prior to the release of Shibarium, according to statistics from CoinGecko.

The remaining Shiba Inu ecosystem tokens' respective values haven't fared much better. In the last 14 days, the price of BONE has plummeted 15% and the price of LEASH has decreased 14.2%.