The number of Shibarium wallets exceeded 1 million, despite the fall in the price of SHIB

The number of wallets interacting with the Shibarium Layer 2 (L2) blockchain surpassed the 1 million mark a week after the mainnet restart.

On August 16, the long-awaited Shibarium network went mainnet. However, just a few hours later, the Shiba Inu team faced serious problems - in particular, with a delay in transactions and "jamming" of funds in the bridge contract. Lead developer Shitoshi Kusama allayed the community's concerns by saying that their funds are safe. At the end of August, the blockchain was successfully restarted and is currently working flawlessly.

According to Shibarium Scan, more than 1 million wallets interacted with the bridge in a few days. In total, users made 783,000 transactions.

However, the sharp increase in activity has not yet affected the volume of funds blocked in the bridge contract (TVL) - the figure is a modest $1.16 million.

According to DeFillama, the key players in Shibarium are decentralized exchanges, primarily DogSwap and MARSWAP. These sites account for about $1 million of the total TVL volume.

At the same time, a significant increase in the number of wallet addresses and transactional activity indicates a positive attitude of the Shiba Inu community members, confirming the possibility of turning SHIB from an ordinary memcoin into a token with practical benefits.

While Shibarium is showing promising results, SHIB continues to face significant challenges. Over the past week, the price of the asset has fallen by 3.7%, and the downward trend has been going on for several months.

However, an increase in the activity of users of the second layer network may eventually affect the price of SHIB, since each transaction leads to the burning of tokens. According to Shibburn, 71.45 million coins have been burned in the last 24 hours, up 192% from the day before. In total, about 6 billion tokens were withdrawn from circulation in August.