Shibarium, the Shiba Inu ecosystem layer-2 blockchain, is witnessing an uptick in adoption, having seen an influx of over 375,000 wallets over the last 4 days.
The Shiba Inu ecosystem development team introduced Shibarium last August to help address Ethereum’s high gas fees and reduced transaction speed for market participants dealing on ecosystem tokens such as Bone ShibaSwap (BONE), Doge Killer (LEASH) and SHIB.
Shibarium has since commanded impressive adoption, with daily transactions especially witnessing massive spikes last December. For context, the layer-2 network recorded 20 million transactions within three days in early December 2023, as adoption skyrocketed.
However, amid the surge in transaction, the growth of wallets hosted on the network remained fairly stable. Now, despite a slowdown in daily transactions, Shibarium still records over 958K transactions every day, representing a sustenance of the adoption.
Shibarium Adds 375K+ Wallets in 3 Days
More remarkably, the latest data suggests that wallets have also begun witnessing a marked uptick. Shiba Inu community figure Clifford first called attention to this increase in hosted wallets. Taking to X on April 12, Clifford stressed that Shibarium had crossed the 1.4 million wallet mark, boasting 1,406,566 addresses at the time.
Interestingly, this figure has continued to grow since the April 12 disclosure. Clifford revealed in a subsequent post yesterday that the number of hosted wallets had increased to 1,616,558, representing an addition of 209,992 wallet addresses in a mere two days.
Something is definitely happening on #Shibarium the surge is imminent! #Shibarium has added 209,992 wallets in the past 2 days. Check the total on the attached post from 2 days ago compared to the screenshot I just snapped. LFG #Shibarium 🔥🔥🔥👏👏👏🥳🥳🥳🐕… pic.twitter.com/3ok1NQgdJ7
— Clifford 🚀🤖🛡️ (@Clayford115) April 15, 2024
On-chain data confirms that this uptrend has persisted, with wallets recording an observable spike in recent times. Latest data shows that wallet addresses on Shibarium have now increased to 1,781,642, suggesting that the network has welcomed 375,076 new addresses in the past three days.
Growing Adoption
The recent surge in wallet address is attributable to the onboarding of multiple proponents by Shibarium-based projects. One such project is PIKA, an ERC-50 tokens introduced by the WoofSwap development team, the developers behind SolKiller (DAMN).
Notably, while Shibarium boasts a TVL of $2.66 million, WoofSwap alone contributes $1.82 million to this figure, marking a dominance of 68%. PIKA has witnessed increased social volume and heightened trading activity, with the PIKA/DAMN pair commanding the highest trading volume on WoofSwap at $104K.
Besides the impressive increase in hosted wallets, Shibarium now boasts over 416 million transactions and blocks totaling 4.236 million. Despite the surge in adoption rate, gas fees remain at the $0.00001 range, with block time averaging at 5 seconds.
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