Shib Army Showcases Power As Shibarium Wallet Addresses Up By 877%, TVL Hits $1.24M

Shib Army, the fierce and very loyal members of the Shiba Inu community, once again showcased to the world its power with its overwhelming support for Shibarium as it reopened to the public earlier this week.

The layer-2 scalability solution of the Shiba Ecosystem currently has more than 700,000 transactions, around 635,000 wallet addresses, and a total value locked (TVL) of $1.24 million.

The power of Shib Army has been proven and tested since the official launch of Shiba Inu in August 2020, but it increased its force when Shiabrium officially went live earlier this month, which caused the layer-2 scalability solution to temporarily pause because of its overwhelming demand.

But just a few days after Shibarium reopened to the public, the demand for the new blockchain reached impressive heights. From "over 65,000 wallets and 350,000 transactions" accumulated prior to the reopening announcement, the latest data from Shibarium Explorer shows that Shibarium now has 634,730 wallet addresses and 705,138 transactions.

These numbers underlined an 877% surge in the number of wallet addresses and a 101.5% increase in transactions.

Aside from this, data decentralized finance (DeFi) data aggregator DeFiLlama showed that the total value locked (TVL) on Shibarium is $1.24 million.

TVL is the metric used to gauge the total value of digital assets locked or staked in a particular DeFi. The higher the TVL, the more trustworthy the platform or decentralized app (dApp) is perceived to be.

International Business Times reached out to a Shiba Ecosystem and Shibarium Tech marketing specialist who uses the X handle @LucieShib to get her comment on the impressive feat of Shibarium.

"It's incredible to see such a high volume of transactions and a large number of wallet addresses, indicating a strong and active community. The Total Value Locked (TVL) of $1.24M further demonstrates the growing interest and trust in the project. Overall, it's an exciting milestone for the Shib Army and Shibarium, showcasing their impact and potential in the crypto space," the executive said.

The Shiba Ecosystem values its Shib Army as a crucial element in its success.

In their keynote at the 5th Blockchain Futurist Conference in Toronto, Canada, pseudonymous lead developer Shytoshi Kusama underlined the role of the Shib Army in the community.

In their speech titled "Dear Humanity," Kusama highlighted the milestones the Shib Army achieved when they worked together, saying, "We have shattered records, taken down websites from traffic overload and done what many deemed impossible over and over again."

The lead developer also emphasized that what separates Shiba Inu from the rest is its community, the Shib Army, whom they noted will be "empowered to scale even further and along with its global community, will stand together for a better future–a decentralized one."

As of 5:10 a.m. ET on Friday, SHIB was trading down at $0.000007964, with a 24-hour trading volume down by 15.59% at $126.84 million, representing a 2.66% decrease in the last 24 hours and a 1.2% loss over the past seven days.

Based on the latest data from CoinMarketCap, SHIB's total circulating supply stands at 589.35 trillion SHIB, with its value down by 2.68% at a $4.7 billion market cap.