Since the tumultuous introduction of its layer-2 network, the value of SHIB has decreased by more than 20%, despite the fact that the Shibarium network has experienced a significant increase in activity.
The number of wallets on the Shibarium network, since its relaunch, a layer-2 blockchain created by Shiba Inu, has increased dramatically, eclipsing 1 million.
It has added at least 900,000 purses, since Shibarium’s relaunch on August 28, according to a blog post published on September 3 by the official Shibarium team. This was only two weeks after the Shibarium network went live for the first time, albeit with technical issues.
On August 25, there was a climax of 132,000 transactions. As of 3:04 a.m. UTC on September 3, there had been nearly 100,000 transactions. This information was obtained using the Shibarium blockchain explorer.
The total value locked (TVL) on the Shibarium network has yet to rise in response to the increased network activity. Shibarium’s TVL was less than $1.06 million at the time of publication, indicating that users invest very little capital in the network.
The creators of Shibarium announced in a blog post that they are collaborating with several third-party bridges to facilitate the transfer of other tokens to the new blockchain.
In addition, the company announced that it would be canceling the Bone (BONE) governance token contract and will attempt to add more validators to the network in the coming weeks.
Users of Shibarium can now lend, borrow, and stake tokens to earn rewards using Shiba Inu (SHIB), Bone (BONE), Leash (LEASH), and numerous other tokens that are already part of the Shibarium network.
Although many Shiba Inu owners anticipated a significant increase in the price of the various Shiba Inu ecosystem tokens following the release of Shibarium, the aggregate price action for SHIB, BONE, and LEASH tokens has yet to show the expected increase.
According to CoinGecko’s data, the price of SHIB has decreased by slightly more than 20% since the failed launch on August 16, despite modest gains before the release of Shibarium.
The respective values of the remaining Shiba Inu ecosystem tokens have remained the same. In the past two weeks, the price of BONE has decreased by 15%, while the price of LEASH has dropped by 14.2%.
