Shibarium Wallets Achieve 1M Amid Shiba Inu Price Struggles

The total number of wallets interacting with Shiba Inu’s layer2 network, Shibarium, crossed the 1 million mark earlier today, less than a week after the mainnet bridge began functioning optimally.

Before its August 28 relaunch, the Shibarium bridge encountered problems such as transaction delays and temporarily inaccessible funds. However, lead developer Shytoshi Kusama assuaged the community fears, stating that their funds were “safu.”

Shibarium Wallets Crosses 1 Million

According to data from Shibarium Scan, the bridge has witnessed engagement from over 1 million wallets. These users have collectively executed over 783,000 transactions, with a daily average of approximately 73,640 transactions. Notably, the blockchain’s total block count currently stands at 421,736.

Despite the transaction surge, this has not yet translated into a significant boost in the total assets locked on the bridge. Currently, the figure stands at a modest $1.16 million.

DeFillama data shows that the key players on the network are decentralized exchanges, primarily DogSwap and MARSWAP. The platforms account for approximately $1 million of the overall TVL.

Meanwhile, the substantial uptick in wallet addresses and transaction activity indicates a noteworthy trend within the Shiba Inu community. This project shows promise in potentially evolving SHIB from a meme-based token into one with practical utility.

SHIB Price Struggling Despite High Burn Rate

Increasing transaction activity bodes well for the network and SHIB tokens alike. Each transaction results in the burning of Shiba Inu tokens, and recent Shibburn data reveals an impressive 71.45 million tokens burnt within the past 24 hours.

This surge signifies a remarkable 192% uptick in the burn rate compared to the preceding day, underscoring the substantial impact Shibarium transactions can have in reducing Shiba Inu’s extensive token supply.

Notably, approximately 6 billion tokens were burned in August, coinciding with the launch of Shibarium.

While Shibarium has shown promising performance, SHIB, its associated token, has faced significant challenges. Over the past week, SHIB has declined by 3.7%.

When this metric is expanded to a month, it has experienced a 4.5% decrease in value, as reported by BeInCrypto data. This downward trend in SHIB’s price has persisted for several months.