Shibarium has achieved a significant milestone: it now boasts over one million wallets on its newly launched layer-2 blockchain. This feat comes in spite of the Shiba Inu (SHIB) token experiencing a price drop of over 20% since the network’s turbulent launch.

The achievement of one million wallets, as disclosed in a blog post by the official Shibarium team on September 3, showcases a remarkable surge in user adoption. Notably, this occurred within just two weeks after the relaunch of Shibarium on August 28, despite some initial technical challenges.

Data extracted from the Shibarium blockchain explorer reveals an active network, with almost 100,000 transactions recorded as of 5:04 AM UTC on September 3. The network experienced its peak activity on August 25, with 132,000 transactions.

Shibarium blockchain explorer

Despite the surge in network activity, the total value locked (TVL) on the Shibarium network has not experienced a corresponding increase. Currently, the TVL on Shibarium stands at a modest $1.06 million, indicating that users are primarily deploying small amounts of capital on the network.

Shibarium Hits 1 Million Wallets, but SHIB, BONE, and LEASH Token Prices Disappoint

The Shibarium development team, as mentioned in their blog post, is actively working with third-party bridges to help migrate other tokens to the new blockchain.

Additionally, they’ve expressed their intention to renounce the contract for their governance token, Bone (BONE). They are also in the process of expanding the network by adding more validators in the upcoming weeks.

Since September 1, Shibarium users have had the ability to use tokens such as Shiba Inu (SHIB), Bone (BONE), and Leash (LEASH). These tokens can be employed for lending, borrowing, and staking activities, allowing users to earn rewards.

Despite the optimistic expectations of many Shiba Inu holders for a substantial price surge in the ecosystem tokens with the launch of Shibarium, the actual price performance of SHIB, BONE, and LEASH tokens has not met these expectations.

While there were some moderate gains leading up to the Shibarium launch, SHIB’s price has decreased by approximately 20% since the turbulent launch on August 16, as reported by CoinGecko.

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