- The Shibarium network has surpassed one million interacting wallets.
- Every transaction on the Shibarium network results in SHIB burning.
- Despite this, the Total Value Locked (TVL) remains at a low level of $1.6 million.
The Shibarium network, eagerly anticipated by the Shiba Coin community since January, has seen over a million wallets interact with it since its launch last month. However, despite the high level of activity, the total value locked (TVL) remains low at $1.6 million.
Shibarium and Shiba Coin: A New Era in Cryptocurrency
The Shibarium network, an Ethereum scaling solution developed by Shiba Inu, has officially started its network activity. Following the network’s transition, the number of wallets interacting with the Shibarium blockchain recently exceeded one million. Despite initial issues such as transaction delays and temporarily inaccessible funds, the network has seen a significant increase in activity, with over 783,000 transactions carried out by these users, averaging about 73,640 transactions per day.
Shiba Coin (SHIB) Analysis
Despite the high number of wallets, Shiba Coin’s performance has not met expectations. This could be due to several factors, including a generally negative sentiment towards altcoins in the market. Despite the increase in transactions, there has not been a significant increase in the total value locked (TVL) on the bridge, which currently stands at $1.6 million. Data from DeFillama shows that the key players on the network are decentralized exchanges, primarily DogSwap and MARSWAP, which account for approximately $1 million of the total TVL.
The Impact on the Shiba Inu Community
The increase in the number of interacting wallets indicates a significant trend within the Shiba Inu community. This project will help it break out of the “meme coin” mold and build a real ecosystem. Although the number of transactions is currently low, they are causing Shiba Coin burning. The increasing transaction activity is a positive sign for both the network and SHIB tokens. Each transaction results in the burning of Shiba Inu tokens, and recent Shibburn data reveals that 71.45 million tokens were burned in the last 24 hours.
Conclusion
Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research before making transactions. This information is not intended as investment advice. Stay updated with our news on our Telegram, Instagram, Facebook, Twitter, and Youtube accounts.
