Shibarium network activity soars even though SHIB price has fallen more than 20% since the tumultuous launch of the layer 2 network.

The total number of wallets on Shiba Inu's newly launched Layer 2 blockchain, the Shibarium Network, has surpassed one million: it has had a meteoric rise since its relaunch.

The milestone – announced in a blog post on September 3 by the official Shibarium team – means that at least 900,000 wallets have been added since Shibarium's relaunch on August 28, and just two weeks after the Shibarium network launched. launched for the first time, although with some technical problems.

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According to data from the Shibarium blockchain explorer, nearly 100,000 transactions have occurred as of 5:04am UTC on September 3, with a peak of activity of 132,000 transactions on August 25.

Although network activity has increased, the total value locked (TVL) on the Shibarium network has not yet grown in response. At the time of this article's publication, Shibarium's TVL is just $1.06 million, suggesting that users are only deploying very small amounts of capital to the network.

In their blog post, Shibarium developers noted that they are currently collaborating with a number of third-party bridges to help investors transition other tokens to the new blockchain.

Additionally, the team announced plans to relinquish the contract for its Bone (BONE) governance token, adding that they want to add more validators to the network in the coming weeks.

Since September 1, Shibarium users have been able to use Shiba Inu (SHIB), Bone (BONE), Leash (LEASH), and many of the other tokens available on the Shibarium network to lend, borrow, and stake tokens to earn rewards. .

Although many Shiba Inu holders expected a strong rebound in the price of the various tokens of the Shiba Inu ecosystem after the launch of Shibarium, the general price evolution of the SHIB, BONE and LEASH tokens has not experienced the expected rise.

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While it saw some modest gains in the run-up to Shibarium's launch, SHIB's price has since fallen just over 20% since the failed August 16 launch, according to data from CoinGecko.