Shibarium Sees 95% Decline in Trading Activity Amidst Shiba Inu Price Surge

Shibarium, the layer-2 network developed by Shiba Inu, has seen a significant decline in decentralized exchange (DEX) volume. The data from DeFiLlama shows that Shibarium's DEX volume dropped by 95% over the last week, reaching $72 as of July 29.

This substantial drop in trading activity on Shibarium comes amidst Shiba Inu's recent price surge. On July 29, Shiba Inu experienced a daily price increase of over 35%, drawing attention from market analysts.

However, the performance of Shibarium was not as impressive. The network's DEX volume remained near zero throughout the week, with ShibaSwap being the only protocol to register any activity. Other decentralized exchanges operating on Shibarium, including WoofSwap and DogSwap, recorded zero trading activity during this period.

The weak performance of Shibarium raises concerns about user engagement and interaction with decentralized applications on the network.