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Shibarium blockchain usage drops to $46K TVL, far below Shiba Inu's $3B market cap

Protocol Fundamentals
23 Oct 2026
CryptoTicker
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Bearish
Shibarium blockchain usage drops to $46K TVL, far below Shiba Inu's $3B market cap

Shibarium, the Shiba Inu project's layer-2 blockchain, shows very low activity with only $46,453 total value locked (TVL) as of October 23, 2026, down from over $6 million in late 2024. Despite Shiba Inu's $3 billion market cap, daily transactions on Shibarium average around 676, and the gas token BONE has a market cap of just $13.75 million. This indicates that Shibarium's blockchain usage is minimal compared to the token's trading volume and market value, suggesting investors hold SHIB more for speculation than actual blockchain utility. The article also explains tax implications for German investors moving SHIB across blockchains and stresses checking exchange liquidity before trading.

Shiba Inu trades at Rp0.091 on Pluang as of Oct 24, 2026, showing a 2.23% gain in one day. Its market cap on Pluang is Rp53.63 trillion with a 24-hour volume of Rp1.19 trillion. Despite Shibarium's low blockchain activity, SHIB maintains strong trading interest and a typical hold time of 107 days on the platform.

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