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Shibarium Network Achieves 1 Million Wallet Milestone, Yet SHIB Price Lags Behind

Shibarium Network Achieves 1 Million Wallet Milestone, Yet SHIB Price Lags Behind

Shiba Inu’s recently rebooted layer-2 blockchain, known as the Shibarium network, has clocked over 1 million wallets in a swift climb since its re-launch.

The Shibarium team confirmed this landmark achievement in a blog post dated September 3, highlighting the impressive addition of nearly 900,000 wallets since the platform’s reboot on August 28. This success comes a mere fortnight after the Shibarium network initially went live, albeit not without some technical glitches.

Transaction Volumes vs. Locked Value

Data pulled from the Shibarium blockchain explorer reveals that nearly 100,000 transactions have been executed as of 5:04 a.m. UTC on September 3. The highest recorded transaction activity was 132,000 on August 25.

Despite the high network activity, the total value locked (TVL) in the Shibarium network lags, with only $1.06 million recorded when this article was written. This implies that users commit only small sums of capital to the network.

Developer Collaborations and Future Plans

In the same blog post, the Shibarium development team noted that they are in talks with several third-party bridge providers to facilitate the transfer of other tokens to the newly established blockchain.

Furthermore, the team unveiled plans to relinquish the contract for its governance token, Bone (BONE), and stated intentions to onboard more network validators in the coming weeks.

As of September 1, users of Shibarium have had the option to employ various tokens, such as Shiba Inu (SHIB), Bone (BONE), and Leash (LEASH), among others in the Shibarium ecosystem, for lending, borrowing, and staking activities to earn rewards.

While there were high expectations among Shiba Inu token holders for a significant price increase following Shibarium’s launch, the reality has been less than encouraging. The broader market for SHIB, BONE, and LEASH tokens has not experienced the anticipated price surge.

In fact, since the network’s initial unsuccessful launch on August 16, SHIB’s price has dipped by just over 20%, according to CoinGecko data.

Similarly, the values of other tokens within the Shiba Inu ecosystem haven’t seen much positive movement either. Over the past two weeks, the price of BONE has declined by 15%, while LEASH has seen a 14.2% drop within the same period.

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