- Over 1.78 million wallets have been added to Shibarium in a short period of time, demonstrating the network’s widespread acceptance and confidence.
- The fact that D3 Global has integrated Shibarium with SHIB and BONE payments highlights the platform’s growing relevance and commercial use.
The Shiba Inu development squad rolled out Shibarium, a second-layer remedy, last summer to tackle the exorbitant gas costs and lethargic transaction verification plaguing the Ethereum network.
This initiative aimed to enhance the fluidity of ecosystem currency exchanges involving the Doge Killer (LEASH), SHIB, and Bone ShibaSwap (BONE) tokens.
Furthermore, the layer-2 infrastructure intends to facilitate additional decentralized applications joining the Shiba Inu economy in the future, potentially increasing the overall utility and value of the native tokens. Meanwhile, the layer-1 blockchain will continue to serve as an immutable public record of token balances and history.
Adoption and Growth in Shibarium Transactions
Since its launch, the network has shown impressive uptake; in December 2023, for example, Shibarium reported an incredible 20 million transactions in just three days. This spike showed how well the network could handle large numbers of transactions.
Although daily transaction volumes have fluctuated, Shibarium’s active wallet count has steadily increased. Shibarium continues to handle over 958K transactions every day as of the most recent figures, indicating a robust and long-lasting user base.
Clifford, a prominent member of the Shiba Inu community, reports that by April 12, the network had surpassed 1.4 million wallets. Astoundingly, by the end of April, 1,781,642 wallets were hosted—that is, 375,076 additional addresses in just three days.
This quick rise demonstrates how people’s confidence and interest in Shibarium are expanding. Watch the video on YouTube below to dive deeper into this development.
Economic Effects and Performance of Tokens
The impact of Shibarium goes beyond wallet counts and transaction speeds. The network’s total value locked, or TVL, is $2.66 million. WoofSwap alone contributes significantly, accounting for $1.82 million, or 68% of the TVL. Furthermore, with volume approaching $104K, the PIKA/DAMN trading pair has the largest volume on WoofSwap.
Leading DNS name supplier D3 Global recently integrated BONE and SHIB payments on Shibarium, a sign of growing commercial acceptance, as previously reported by ETHNews.
Market Dynamics at the Moment
Notwithstanding Shibarium’s progress, the price of the SHIB coin is currently $0.00002249, up 0.06% in the last 24 hours but down 20.15% in the last week, according to CoinMarketCap data. The price volatility of SHIB highlights how volatile and frequently unpredictable cryptocurrency markets are.