$SHIB Market Cap Falls by $2 Billion as Shibarium Network Reaches New Highs of Transactions

The layer-2 scaling solution aiming to improving the Shiba Inu ($SHIB) ecosystem, Shibarium, has seen its transaction levels hit a new all-time high just a brief period after the network was reactivated. The new high comes at a time in which the market capitalization of SHIB dropped by around $2 billion.

According to data from Shibarium network explorer Shibariumscan, the Shibarium network has seen its transactions surpass the two million mark earlier this month to now stand at 2.32 million, with the average number of daily transactions now being close to the 200,000 mark.

According to available market data, the rising activity on the cryptocurrency’s layer-2 scaling solution isn’t seemingly enticing investors, as the market capitalization of the meme-inspired cryptocurrency at the center of the ecosystem has dropped from $6.15 billion to $4.2 billion in 30 days.

Shibarium’s network, according to the explorer, has also processed over 600,000 blocks so far, and over 1.2 million wallet addresses have so far been created. The networ, according to the marketing strategist for the Shiba Inu ecosystem LucieSHIB, offers more favorable BONE rewards than ShibaSwap, the decentralized exchange (DEX) built on the Ethereum network.

The Shiba Inu ecosystem’s main token, SHIB,  is a community-driven, decentralized currency that runs on the Ethereum blockchain and was launched in late 2020. It has become a global phenomenon and can be used as a payment method in various places, either directly or through third-party services.

BONE is another token in the ecosystem, which has a limited supply of 250 million. BONE allows the Shib Army to have a say in the future of the project by voting on proposals through the Doggy decentralized autonomous organization. BONE also functions as the main native asset on the Shibarium network, which is a blockchain platform developed by the Shiba Inu team.

The ecosystem also includes LEASH, a token with a limited supply of 107,646 that offers exclusive benefits to dedicated supporters of the ecosystem.

Featured image via Unsplash.

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