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Following
SHIB 
BONE Many indicators of Shibarium have soared, but the price of SHIB is still lagging behind.
Shiba Inu's $SHIB token is currently trading at approximately US$0.0000443, up about 7% in the past month, but it is still far from the historical high set in October 2021. However, price itself is not the entire current story. The more dramatic changes are taking place at Shibarium, the Layer 2 network built to expand the Shiba Inu ecosystem.
In the past 30 days, online fees on Shibarium have increased by 79.5% to US$22.10. Even more strikingly, the total locked value (TVL) on the agreement surged 298% over the same period, with a 287% increase in just one week, bringing TVL to US$97,453. The data comes from one of the major blockchain decentralized financial data tracking platforms.
Background: Although the base is small, growth is accelerating
The absolute number is still small. As background, a recent report noted that Shibarium's TVL was only $25,273 on August 10, which means it jumped to nearly $97,500 within a few days, a sizable percentage increase even if the overall pool remains small. Another data released on August 15 showed that Shibarium's TVL was US$102,324, which is basically in line with the above trend.
Activity at the transactional level also rebounded. On August 9, Shibarium processed about 4,480 transactions, a surge of 507% from a low of a few days earlier, which blockchain trackers marked as a one-month high. Data from the Shibarium browser shows that since its launch in August 2023, the Layer 2 network has processed 1.56 billion transactions and recorded approximately 269.93 million addresses.
Analysts caution that it is not advisable to over-interpret the short-term surge. One-day peaks can be amplified by robots, high-frequency wallets or short-term projects, and these factors come and go quickly. The percentage growth in TVL and fees is also higher due to the smaller base. Still, participation in the Shibarium ecosystem has been increasing in recent weeks, measured by multiple measures such as fees, TVL and transaction volume, although the network is still far smaller than the leading Layer 2 platform.
Shibarium uses BONE as its Gas token, directly tying network activity to BONE requirements for transaction fees. SHIB itself does not serve as a Gas currency, so its utility is more indirect and related to broader ecosystem participation and any destruction mechanisms brought about by network use.
It remains to be seen whether the current momentum will continue, but data shows that on-chain activity and capital inflows on Shibarium are growing much faster than the token price itself suggests.
