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SHIB This week, the Shiba Inu coin ecosystem experienced one of the most dramatic price surges in 2026. SHIB rose by more than 35% in a single day, attracting widespread attention from market analysts. However, while the main token has risen sharply, online activities on Shibarium, Shiba Coin's secondary expansion network, have failed to keep up.
Shibarium DEX trading volume plummeted
The latest data from DeFiLlama shows that decentralized exchange (DEX) trading volume on Shibarium has dropped significantly. DEX transaction volume on the network has dropped 95% in the past week, leaving only $72 as of Wednesday, July 29.
This sharp decline reflects a significant decline in Shibarium user engagement, as decentralized exchanges are a key platform for asset exchange and on-chain activity in DeFi. Last week, DEX trading volume on Shibarium was $1,440, but this week it plunged to $72, a drop of 95%.
Decentralized exchanges that typically provide trading services to users, such as WoofSwap and DogSwap, did not record any trading activity this week. Market observers pointed out that the entire ecosystem has been extremely slow to perform on the chain, and despite the rebound in token prices, participants still seem reluctant to use the DEX platform.
Shibarium is a secondary expansion blockchain developed by the Shiba Inu Coin project. By running on the Ethereum network, it aims to increase the trading capacity of SHIB and related tokens and reduce costs. Simply put, Shibarium is a secondary solution built by the Shiba Inu team that improves efficiency and reduces costs by moving some transactions outside the Ethereum main chain. Secondary networks often strip some transactions from the main chain to improve scalability and alleviate congestion.
There is a general lack of activity in decentralized protocols
Among the network's decentralized applications, ShibaSwap is the only DEX with a record of transaction volume, with all $72 transactions on Shibarium this week coming from the platform. Other agreements, including Shibex, PunkSwap, MARSWAP and ChewySwap, did not record any transactions during the same period.
Despite increased interest in the $SHIB token, on-chain activity on the Shibarium network and its related decentralized exchanges is at a very low level. Most platforms have no transaction records, with only ShibaSwap showing extremely small transaction volume.
This phenomenon coincides with the end of the rapid rise in Shiba Inu prices. Since then, traders and liquidity providers seem to be more cautious online. The plunge in DEX trading volume reflects the platform's overall risk aversion and sluggish participation, suggesting that there may be a disconnect between token price movements and actual network use.
