The Shibarium network, an Ethereum (ETH) second layer (L2) solution created by the same developers of the Shiba Inu (SHIB) token, reached the 2 million total address mark for the first time in its history on December 6, 2024. Three days later, that figure rose by 5,000 additional new addresses. This record includes all unique addresses that have been generated on the Shibarium network, regardless of whether they are active, have made transactions or have a balance. Many addresses can be automatically created by smart contracts or decentralized applications (dApps), while users can also generate multiple addresses as part of their interaction with Shibarium. In this sense, it is most likely that the increase in addresses is mainly due to new users entering Shibarium. According to its on-chain data, the number of accounts that interact with this network has grown from mid-October to the present. This statistic went from 127,000 to 214,000 accounts as of December 7, 2024, after a period of stagnation from April to October (this figure is included in the 2 million total addresses).
Active accounts on the Shibarium network grew. Source: Shibariumscan. Additionally, another data that reflects growing adoption since October is the number of transactions on the Shibarium network. In this case, the number exceeded 630 million accumulated transactionswhen from April to mid-October it remained around 400 million.
The total number of transactions on Shibarium grew to 630 million. Source: Shibariumscan.
Total value locked in Shibarium grows
As of December 9, 2024, the total value locked (TVL) on Shibarium is almost $14 million (equivalent to 20,313,295 BONE), which implies a new all-time high after a rise of more than 31% in the last 3 days. TVL on the Shibarium network is measured in its native token, BONE, with which users pay transaction fees, stake, and fulfill their participation in governance. Users holding BONE participate in decisions related to the addition of new trading pairs to the ShibaSwap DEX, the allocation of rewards for liquidity pools, and changes to protocol parameters. The BONE token price is a catalyst in TVL value. In other words, if BONE's price increases, so does Shibarium's TVL. The same relationship would exist in the event of a fall. At the time of this article, BONE is trading in the $0.65 area, having risen from around $0.35 since early November, according to TradingView. According to data from the user Shibarium Updates in X, the largest contribution to Shibarium's TVL would be given by the four most operated dapps in this ecosystem. These are the staking and decentralized finance (DeFi) platform K9 Finance DAO and the decentralized exchanges (DEX) ShibaSwap, WoofSwap and ChewySwap. On these sites you can trade BONE, Shiba Inu (SHIB), wrapped token versions of ether (WETH) and others.
SHIB Token Burn Boosts Market Confidence
On December 6, 2024, 250 million SHIB were sent to an inaccessible “dead wallet” and removed from circulation in a procedure known as token burning. This process aims reduce circulating supply and, if demand increases or remains constant, the price of Shiba Inu would increase. An event of such characteristics was reported by BitcoinDynamic on November 11, 2024, when more than 460 million SHIB were burned and its price rose from $0.000024 to $0.000027. The Shiba Inu cryptocurrency was created in 2020 under the ERC-20 token standard on the Ethereum network. Three years later, in mid-2023, the team behind SHIB developed the Shibarium network, a chain where users can interact with Ethereum and its SHIBs. through interoperability bridges (bridges). Although SHIB is not Shibarium's native token, it can be used for transactions, staking and participation in dApps within the network such as the ShibaSwap DEX or “SHIB: The Metaverse”, a virtual platform where users can own land, interact with each other and explore interactive economic activities. Greater adoption of SHIB would amplify economic activity of the network and could encourage greater participation in dApps and protocols built on Shibarium. Regarding the market value of the Shiba Inu memecoin, from December 6 to 8 it had shown good signs, after an upward climb that began in the area of 0.000029 dollars and reached approximately 0.00033 dollars. Today, December 9, the graph of this asset is painted red, in a decreasing candle that pushed its value to 0.00028 at the time of this writing, according to CoinMarketCap. Ultimately, it is worth remembering that the Shibarium network has another token in its ecosystem called LEASH and a fourth that is in the process of development, TREAT. LEASH, which has a limited supply of almost 108,000 tokens, is a cryptocurrency used to reward those users that the network considers loyal, granting them certain benefits such as BONE rewards, NFTs (non-fungible tokens) and access to the multiverse.