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Shibarium reaches 1 million wallets amid exponential expansion, but SHIB has yet to catch up
The number of wallets in Shibarium has reached one million, demonstrating a significant surge in growth. However, the cryptocurrency SHIB has not yet experienced a corresponding increase in its value
Despite the fact that the price of SHIB has dropped more than 20% since the stormy launch of the layer-2 network, Shibarium network activity has skyrocketed.
Shiba Inu's freshly released layer-2 blockchain, the Shibarium network, has topped 1 million wallets in a spectacular climb since its relaunch.
The achievement, reported in a blog post on September 3 by the Shibarium team, indicates that at least 900,000 wallets have been added since Shibarium's relaunch on Aug. 28, and barely two weeks after the Shibarium network first went live — albeit with some technical issues.
According to Shibarium blockchain explorer data, approximately 100,000 transactions had occurred as of 5:04am UTC Sept. 3, with a peak activity of 132,000 transactions on Aug. 25.
Activity on the Shibarium network since inception. Source: Shibarium.io
While network activity has increased, the total value locked (TVL) on the Shibarium network has not. Shibarium's TVL was barely $1.06 million at the time of publication, implying that users are only deploying modest amounts of wealth on the network.
The total value locked (TVL) on the Shibarium network. Source: DeFiLlama
Shibarium developers stated in their blog post that they are now engaging with a number of third-party bridges to assist investors in bridging other tokens over to the new blockchain.
In addition, the team revealed intentions to resign the contract for its governance token Bone (BONE) and stated that more validators will be added to the network in the coming weeks.
Shiba Inu (SHIB), Bone (BONE), Leash (LEASH), and many of the other tokens accessible on the Shibarium network have been allowed to lend, borrow, and stake tokens to gain incentives as of September 1.
While many Shiba Inu holders expected a large increase in the price of the various Shiba Inu ecosystem tokens following the debut of Shibarium, the overall price action for SHIB, BONE, and LEASH tokens has not witnessed the expected increase.
Despite some modest gains in the run-up to the debut of Shibarium, the price of SHIB has dropped by a little more than 20% after the bungled launch on Aug. 16, according to CoinGecko data.
Price of Shiba Inu (SHIB) over the past 30 days. Source: CoinGecko
The remaining Shiba Inu ecosystem tokens' values have not fared any better. BONE has plummeted 15% in the last 14 days, while LEASH has dropped 14.2% in the same period.
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