Shiba Inu's layer-2 network, Shibarium, saw a 78% surge in activity this week, according to on-chain data. But the token that powers the ecosystem, SHIB, hasn't budged. The price stayed flat even as the broader crypto market continued to swing through a volatile stretch following recent liquidations across major assets.
Network usage vs. token price
The jump in Shibarium transactions and wallet interactions suggests growing interest in the network's utility — things like NFT minting and DeFi activity on the L2. Yet SHIB's price didn't react. That kind of divergence isn't unheard of in crypto, but it's notable when a network's usage spikes by more than three-quarters and the native token sees zero price movement.
Broader market backdrop
The flat price comes as the wider crypto market continues to face turbulence. Liquidations have hit major digital assets in recent days, and traders are watching for further downside. In that environment, even a strong network metric may not be enough to push a meme-coin higher. SHIB holders are left waiting for a catalyst that can break the stalemate.
The Shibarium team hasn't announced any new incentives or upgrades tied to this week's activity spike. Without a clear trigger, the question is whether the usage surge is organic and sustainable — or a short-lived burst. For now, the network is busier than ever, but the token's price tells a different story.
