Shiba Inu Price Awaits Shibarium Momentum As Traders Remain Cautious

• Shiba Inu’s price continues to decline despite Shibarium’s successful relaunch.
• The Shibarium now has over 1.1 million registered wallets and over 467k blocks.
• The platform’s TVL has reduced, with DeFi’s such as DogSwap reducing their TVLs.

Shiba Inu’s price continues to decline despite growing acceptance and adoption of its layer-2 network. Many people expected the Shibarium relaunch to boost the token’s price, but traders are still threading with caution.

Since its relaunch, Shibarium has been met with growing acceptance and adoption by the crypto community. Despite these successes, activities on the platform remain low, with investors watching closely.

As earlier reported by CoinEdition, the platform has over 1 million registered wallets. Furthermore, data from Shibariumscan show that more than 467k blocks have been created on the platform. Also, the platform has recorded over a million transactions since its comeback.

Meanwhile, data from DeFiLama reveal that the platform’s TVL, which once peaked at over a million, is now hovering around $942k. Decentralized exchanges, including DogSwap and MARSWAP, have significantly reduced their TVLs on the platform.

Elsewhere, Shibarium key developers have announced more upgrades to the platform following its relaunch. According to the developers, the upgrades will bolster the network’s capabilities.

Furthermore, the team revealed the Shibarium has expanded its token bridge capabilities, adding support for new tokens. That includes USDT, USDC, DAI, WBTC, and XFUND.

Shibarium is expected to propel the Shiba Inu network from a memecoin to a network with many utilities. With the Shibarium, users can build projects and applications on the network. Likewise, the platform also connects Shiba Inu and Ethereum — the second-largest cryptocurrency network.

Shiba Inu is currently the 16th-ranked cryptocurrency by market cap, according to data from CoinMarketCap. Alongside the entire crypto market, the token’s price has taken a nosedive since the start of September, with a 3.13% decline in the last 24 hours.