Activities on Shiba Inu blockchain Shibarium, particularly its trading volume, significantly lag behind other networks like Polygon and Base.
Shiba Inu’s Layer-2 blockchain, Shibarium, has experienced exponential growth since August 2023, when it launched on the mainnet. Notably, it has processed over 1.04 billion transactions, positioning itself as an established blockchain. Also, nearly 200 million blockchain wallets have interacted with Shibarium since its mainnet launch.
While these milestones are commendable, fresh data from DexScreener suggests that Shibarium is seeing low daily trading volume compared to other Layer-2 blockchains like Base and Polygon.
Shiba Inu Shibarium Low Daily Volume
At press time, Shibarium boasts a 24-hour volume of about $17,000 across all decentralized exchanges (DEXs) on the L2 blockchain. The volume came from a total transaction of 11,025.
Shibarium DEX Volume
At the moment, WoofSwap ranks as the top-performing decentralized exchange on Shibarium. This DEX has a daily volume of about $8,300.
WoofSwap is closely followed by Shiba Inu’s native DEX, ShibaSwap, which has a 24-hour volume of $5,400. ChewySwap and MarSwap follow suit, with daily trading volumes of $1,600 and $102, respectively.
Punkswap and Chibbex have seen paltry volumes of $20 and $6, respectively. Other Shibarium-based decentralized exchanges, including DogSwap, Woof, and LeetSwap, have less than $10 combined in daily trading volume. According to data from DexScreener, the volumes across these DEXes bring the total to around $17,000.
Polygon and Base Volumes
In comparison, established L2 blockchains like Base and Polygon have registered daily volumes running into hundreds of millions of dollars.
Coinbase’s Base network, which launched around the same time as Shibarium in August 2023, currently has a 24-hour volume of $726.1 million. Polygon, on the other hand, has recorded a daily trading volume of $70.9 million.
Essentially, Shibarium’s daily volume of $17,000 pales significantly compared to the figures seen on Base and Polygon. The $17,000 volume is more akin to the transaction size of a whale than an active blockchain’s total daily volume.
For context, many whales have spent millions of dollars in a single transaction to acquire Shiba Inu’s native token, SHIB. An unknown Shiba Inu whale recently withdrew about 220 billion SHIB, worth around $4.63 million, from Binance.
The limited trading volume on Shibarium raises concerns about its ability to compete with established blockchains. This low volume suggests a decline in DeFi activity or a lack of interest from developers in the platform.
Overall, it appears that Shibarium is struggling to attract liquidity compared to most established blockchains.
