The Shiba Inu ecosystem’s layer-2 solution, Shibarium, is experiencing a surge in user adoption, with over 375,000 new wallets joining the network in the past three days. This news comes despite a slowdown in daily transactions compared to the record-breaking 20 million transactions witnessed in December 2023.
Shibarium has attracted a significant user base. While daily transactions have stabilized at around 958,000, the recent influx of wallets indicates a growing interest in the platform.
Shibarium Surpasses 1.7 Million Wallets
Prominent Shiba Inu community member Clifford first highlighted this trend on April 12th, reporting that Shibarium had surpassed 1.4 million hosted wallets. Since then, the network has seen a rapid increase, with Clifford revealing an additional 210,000 wallets added in just two days. As of today, on-chain data confirms that Shibarium boasts over 1.78 million wallets, a significant jump of 375,000 in just three days.
This surge in wallet creation is attributed to the onboarding efforts of projects built on Shibarium. A notable example is PIKA, an ERC-50 token launched by the WoofSwap development team. WoofSwap, known for its SolKiller (DAMN) token, is a major player on Shibarium, contributing a staggering 68% (or $1.82 million) to the network’s total value locked (TVL) of $2.66 million. PIKA has generated significant social media buzz and trading activity, with the PIKA/DAMN pair boasting the highest trading volume on WoofSwap at $104,000.
Shibarium: Fast, Affordable, and Growing
Despite the slowdown in daily transactions, Shibarium maintains its key advantages. Gas fees remain incredibly low at around $0.00001, and block times average a brisk 5 seconds. This combination of affordability and speed continues to attract users to the Shibarium ecosystem.
Also Read: Shiba Inu (SHIB) Defies Market Woes: 18,000% Burn Rate Spike & Price Rebound Signs
Looking Ahead
The recent surge in wallet adoption for Shibarium is a positive sign for the Shiba Inu ecosystem. While daily transactions may have stabilized, the ever-growing user base indicates strong community support and potential for future growth. With projects like PIKA driving user engagement, Shibarium appears well-positioned to maintain its momentum as a viable alternative to Ethereum’s congested network.
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