Shibarium Wallets Hit 1M Mark Amid Ongoing Shiba Inu (SHIB) Price Challenges

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Less than a week after the mainnet bridge started operating at its best, the total number of wallets communicating with Shiba Inu's layer2 network, Shibarium, crossed the 1 million threshold earlier today.

The Shibarium bridge had issues prior to its August 28 debut, including transaction delays and briefly unavailable funds. Lead developer Shytoshi Kusama allayed the neighborhood's concerns by claiming that their finances were "safu."

Shibarium Wallets Crosses 1 Million

The bridge has seen engagement from more than 1 million wallets, according to statistics from Shibarium Scan. With an average of over 73,640 transactions each day, these users have conducted over 783,000 transactions in total. Notably, there are presently 421,736 total blocks on the blockchain.



Despite the increase in transactions, the amount of total assets locked on the bridge has not yet increased noticeably. The current amount is a paltry $1.16 million.
According to DeFillama data, decentralized exchanges, particularly DogSwap and MARSWAP, are the network's major players. About $1 million of the total TVL comes from the platforms.

The significant increase in wallet addresses and transaction activity, meanwhile, points to a notable trend within the Shiba Inu community. This project has the potential to transform SHIB from a token based on memes into one with useful functionality.

Despite a High Burn Rate, the SHIB Price Is Struggling

Growing transaction volume is positive for both the network and SHIB tokens. Shiba Inu tokens are burned as a result of every transaction, and according to the most recent Shibburn data, an amazing 71.45 million tokens have been burned in the last day alone.

This increase highlights the significant influence Shibarium transactions may have in curtailing Shiba Inu's large token supply by showing a startling 192% increase in the burn rate from the day before.

Notably, the debut of Shibarium in August coincided with the burning of around 6 billion tokens.




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