The Shiba Inu (SHIB) ecosystem recently witnessed a remarkable surge in adoption. Despite the eagerly anticipated launch of Shibarium, the layer-2 protocol that failed to significantly influence SHIB’s price, it did manage to pique the community’s interest. In just three weeks post-launch, the network welcomed a multitude of new users. During the weekend, the layer-2 protocol hit a major milestone by registering a total of one million wallet addresses.
The total number of wallets has swiftly escalated to an astounding one million, with an additional 300,000 emerging in a single night. Presently, the overall count of wallet addresses stands at a peak of 1,010,243. Coinciding with this heightened excitement, the total transaction count has also substantially risen to 949,204.
Shibarium’s Path Forward
In a recent blog post, Shibarium developers shed light on their ongoing collaborations with several third-party bridge providers. These partnerships are aimed at facilitating seamless token transfers to the new blockchain. Developer Kaal Dhairya emphasized,
“Shibarium is open for everyone to develop upon. The Shib team’s primary focus in the future will be to innovate and build technologies on top of Shibarium, empowering our community to lead a self-sovereign life. When you do create, we encourage building on Shibarium. It would make us immensely proud if the next big innovation is founded on Shibarium!”
SHIB’s Reaction to Shibarium’s Success
At the time of writing, the meme coin SHIB was trading at $0.000007721, with a 1.50% daily drop. SHIB has seen limited gains since Shibarium’s launch, experiencing a 15% dip throughout the month of August.
Moreover, there has been a lack of substantial activity among large holders on the network during this period. According to data provided by IntoTheBlock, the volume of substantial transactions within the SHIB network witnessed an 80% decline, dwindling to a modest $2.94 million over the past 30 days.