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Shibarium reaches 1 million wallets as it experiences rapid expansion, while SHIB has not yet matched this progress.
The overall count of wallets on Shiba Inu’s recently introduced layer-2 blockchain, the Shibarium network, has exceeded one million in a remarkable surge since its relaunch.
This achievement — revealed in a blog post by the official Shibarium team on Sept. 3 — indicates that at least 900,000 wallets have been created since Shibarium’s relaunch on Aug. 28, occurring just two weeks after the initial launch of the Shibarium network, which experienced some technical challenges.
As per information from the Shibarium blockchain explorer, close to 100,000 transactions have taken place as of 5:04am UTC on Sept. 3, with peak activity reaching 132,000 transactions on Aug. 25.
Activity on the Shibarium network since inception. Source: Shibarium.io
Despite the surge in network activity, the total value locked (TVL) on the Shibarium network has not seen a corresponding increase. At the time of this report, Shibarium’s TVL is recorded at just $1.06 million, indicating that users are currently utilizing only minimal amounts of capital on the network.
The total value locked (TVL) on the Shibarium network. Source: DeFiLlama
In their blog update, Shibarium developers mentioned that they are actively working with several third-party bridges to help investors transfer other tokens to the new blockchain.
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Furthermore, the team disclosed intentions to renounce the contract for its governance token Bone (BONE) and expressed their aim to incorporate additional validators into the network in the upcoming weeks.
As of Sept. 1, Shibarium users have been able to use Shiba Inu (SHIB), Bone (BONE), Leash (LEASH), and various other tokens available on the Shibarium network for lending, borrowing, and staking to earn rewards.
Although many Shiba Inu holders anticipated a significant increase in the prices of the various tokens within the Shiba Inu ecosystem following the launch of Shibarium, the overall price movements for SHIB, BONE, and LEASH tokens have not reflected the expected rise.
Related: Shibarium wallets surpass 100K after SHIB devs relaunch bridge
While it experienced some moderate gains leading up to the launch of Shibarium, the price of SHIB has since declined by slightly over 20% following the problematic launch on Aug. 16, according to data from CoinGecko.
Price of Shiba Inu (SHIB) over the past 30 days. Source: CoinGecko
The prices of the other tokens in the Shiba Inu ecosystem have not performed significantly better. The value of BONE has decreased by 15% over the past 14 days, while LEASH has seen a decline of 14.2% during the same period.
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