Shibarium Trading Activity Plummets 95% Amid Shib Inu Price Surge
Shiba Inu's layer-2 network, Shibarium, has seen its trading activity significantly drop off in recent days. According to data from DeFiLlama, the platform has experienced a 95% decline in decentralized exchange (DEX) volume over the past week, with the total coming in at $72 as of July 29.
This decline in DEX volume suggests that users are not actively swapping assets or interacting with decentralized applications on the network. In fact, all but one protocol operating on Shibarium saw zero trading activity during this period.
However, ShibaSwap remained active, accounting for the entirety of the $72 in DEX volume registered on Shibarium this week. This modest activity stands in stark contrast to the overall weakness seen across the platform.