The number of wallets interacting with the Shibarium second-level (L2) blockchain exceeded 1 million a week after the main network restarted.
On August 16, the long-awaited Shibarium network entered the mainnet. However, just a few hours later, the Shiba Inu team encountered serious problems - in particular, transaction delays and funds getting stuck in the bridge contract. Lead developer Shitoshi Kusama allayed the community's concerns, saying their funds were safe. At the end of August, the blockchain was successfully restarted and is currently working flawlessly.
The number of Shibarium wallets has exceeded 1 million
According to Shibarium Scan, more than 1 million wallets interacted with the bridge in a few days. In total, users made 783,000 transactions.
However, the sharp increase in activity has not yet affected the volume of funds blocked in the bridge contract (TVL) - the figure is a modest $1.16 million.
According to DeFillama, Shibarium's key players are decentralized exchanges, most notably DogSwap and MARSWAP. These sites account for about $1 million of the total TVL volume.
At the same time, a significant increase in the number of wallet addresses and transaction activity indicates a positive attitude among the Shiba Inu community members, confirming the possibility of transforming SHIB from a regular memcoin into a token with practical benefits.
SHIB price continues to fall
While Shibarium is showing promising results, $SHIB continues to face significant challenges. Over the past week, the price of the asset has fallen by 3.7%, and the downward trend has been ongoing for several months.
However, an increase in Layer 2 network user activity may impact the price of SHIB over time as each transaction results in a token burn. According to Shibburn, 71.45 million coins were burned in the last 24 hours, up 192% from the previous day. In total, about 6 billion tokens were withdrawn from circulation in August.
