Despite the downturn in the cryptocurrency market, Shibarium indicators soar

Adoption of Shiba Inu's L2 scaling solution, Shibarium, is skyrocketing despite the ongoing catastrophe across the broader crypto market.

This is marked by a resurgence in the number of daily transactions on the network, which fell below 6,000 on April 10th. Shibarium's daily transaction count has skyrocketed since then, reaching 562,980 at the time of writing, according to Shibariumscan data.

Daily transaction activity jumped to approximately 562,980 transactions, bringing the total number of transactions to 416,865,226 (416.86 million). It should be mentioned that Shibarium's transaction activity skyrocketed significantly in December 2023, with the network averaging around 7.5 million transactions per day.

Furthermore, since the mainnet launch in August 2023, the number of wallets that have interacted with Shibarium has reached 1,782,060 (1.78 million). The network also created a total of 4,268,750 (4.26 million) blocks with an average block time of 5.0 seconds.

Shibarium account exceeds 100,000 users

Furthermore, the number of Shibarium accounts has exceeded 100,000. As of this writing, Shibarium has a total of 100,694 accounts. Of the more than 100,000 accounts registered on Shibarium, only 1,018 were active in the past day.

This reflects the broader sentiment across the crypto market following a significant drop in crypto prices. The number of active accounts on Shibarium reached its daily peak on April 14th, when the number jumped to 25,804. Notably, the number of new Shibarium accounts has recently reached a daily peak, with 13,314 accounts joining the network on April 13th.

TVL falls to $2.64 million

Meanwhile, the total value lock (TVL) across all Shibarium-based decentralized finance platforms is currently around $2.64 million. Of Sibrium's TVL of $2.64 million, decentralized exchange WoofSwap accounts for his $1.75 million total.

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Sibarium’s TVL has fallen from its all-time high of $3.9 million recorded on March 26th to $2.64 million due to the massive collapse in crypto prices. For example, SHIB has fallen 19.0% over the past two weeks, and BONE has also fallen 19.1% over the same period.

Over 22 million BONEs have been staked on Shibarium

During that time, users have delegated over 22 million BONE tokens to Shibarium. According to on-chain data, the Shiba Inu community has staked a whopping 22,974,034.1842 (22.97 million) BONE tokens across 12 Shibarium validators.

Interestingly, ShibArmy America ranks among the top Shibarium validators with 5,567,868 (5.56 million) BONEs staked. Unification is his second validator with the highest number of BONE tokens staked, currently at 4,244,990 (4.24 million).

ShibArmy Europe, 42069, and ShibArmy Asia rank 3rd, 4th, and 5th as validators with the highest number of staked BONEs. The number of BONE tokens staked by these validators was 2,758,259 (2.75 million), 2,632,903 (2.63 million), and 2,492,579 (2.4 million), respectively.