Shiba Inu’s layer-2 network Shibarium experienced a 95% collapse in decentralized exchange (DEX) volume over the past week, with total trading activity sinking to just $72 as of Wednesday, July 29, according to DeFiLlama data. The sharp decline underscores a near-total retreat of user engagement from the network’s DeFi ecosystem, even as SHIB itself posted a brief 35% daily price surge earlier in the week.
Protocols such as WoofSwap, DogSwap, Shibex, PunkSwap, MARSWAP, and ChewySwap all recorded zero trading activity for the entire week. The sole contributor to the meager volume was ShibaSwap, the official decentralized exchange of the Shiba Inu ecosystem, which accounted for all $72 in volume. This stark concentration highlights that no other decentralized applications on Shibarium managed to attract any swaps or liquidity interactions during the period.
The drop follows a period of already sluggish on-chain performance on Shibarium, with trading activity hovering near zero throughout the week. The timing suggests that traders pulled back from the L2 ecosystem just as SHIB’s explosive price rally faded within hours, indicating cautious sentiment around the meme coin’s broader infrastructure.
