Shibarium Crosses 1 Billion Transactions, Shows Rapid Adoption Despite SHIB Price Drop

Shiba Inu's Layer-2 network, Shibarium, has officially crossed the 1 billion transaction.

Shiba Inu’s Layer-2 network, Shibarium, has officially crossed the 1 billion transaction mark, according to data from Shibariumscan.

This milestone highlights the rapid adoption of the Shibarium network, especially when compared to Bitcoin, which took nearly 15 years to reach a similar number of total transactions.

Shibarium, designed to scale the Shiba Inu ecosystem by offering faster transactions and lower fees, has seen an influx of activity since launching in August 2023.

As of April 2, the network records around 4.05 million daily transactions, maintains an average block time of 5 seconds, and has produced more than 10.25 million blocks. The network also boasts over 194 million unique addresses.

This volume of transactions is a testament to the growing usage of Shibarium dApps and the broader engagement within the ecosystem.

Shibarium’s DeFi TVL Surges 24%

Recent growth has also been reflected in Shibarium’s decentralized finance (DeFi) ecosystem. The platform’s total value locked (TVL) surged 24% to $2.5 million by the end of March.

Key dApps within the ecosystem, such as ShibaSwap, WoofSwap, and ChewySwap, have seen TVL increases of 37%, 31%, and 20% respectively.

However, despite this expansion, the broader market response to SHIB has been muted.

SHIB Drops 18% in a Week Despite Network Growth

In contrast to Shibarium’s rising usage, SHIB’s price has failed to reflect the positive momentum. The token has declined by 4.8% in the past 24 hours and is down nearly 18% on the week, trading at around $0.0000122. On a monthly scale, SHIB has lost around 13%, further extending its bearish trend.

The decline comes even as SHIB’s trading volume rose by almost 20% to $229 million following the Shibarium milestone.

However, the spike in volume did not translate into sustained price gains, signaling weak buying pressure and profit-taking by traders.

This lackluster price action might be attributed to several factors. Firstly, the broader crypto market has seen selling pressure in recent times, impacting individual tokens like SHIB.

Secondly, despite the TVL growth, Shibarium’s DeFi ecosystem is still in the early stages of development compared to established platforms.

Finally, the broader narrative around Shiba Inu has largely focused on its meme coin origins, which could be impacting trader sentiment.

As Shibarium continues to evolve and attract more users, it remains to be seen whether SHIB’s price will respond accordingly or if the token will continue to face selling pressure.

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