**In a Surprising Turn, Shibarium Wallet Addresses Surge Amidst Calm Market Conditions**
In a rather unexpected twist during relatively quiet market conditions, a significant metric for the Shiba Inu layer-2 network, Shibarium, is experiencing a remarkable surge, prompting curiosity about the underlying reasons. Over the past week, the number of wallet addresses on the Shiba Inu-focused Ethereum Layer 2 has skyrocketed by over 490%, jumping from approximately 9.4 million on Monday, February 17, to more than 55.7 million as of Monday, February 24. This impressive growth is particularly intriguing given that other key Shibarium metrics have remained subdued during this time.
For instance, new transactions on the network have plummeted by over 90% in the last week, hitting record lows. Specifically, new transactions have dropped from over 4 million to around 50,000 at the time of writing. Meanwhile, Shibarium’s total value locked (TVL) has remained stagnant at about $2 million, having fallen from over $6 million in December 2024. So, what’s the story behind this surge?
**Chiikawa: The Memecoin Driving the Surge**
The recent increase in Shibarium wallet addresses seems to be closely tied to the activity surrounding a memecoin project called Chiikawa (CHIKA), which is inspired by the anime of the same name. Notably, the growth in Shibarium wallet addresses has coincided with a rise in the number of CHIKA holders, which currently stands at around 54.4 million.
CHIKA appears to have been launched by WOOF, a decentralized exchange based on Shibarium, with the specific goal of attracting users to the Shibarium network. In a post on X dated February 16, the project stated, “This is an introduction to the innovative contract: Aims to add 160 million holders to Shibarium,” while sharing the contract address for the token.
What sets Chiikawa apart from other recent memecoin projects is its unique minting mechanism, which allows anyone to create a wallet and mint up to 1 billion tokens. Additionally, 20% of the tokens minted by any user are randomly airdropped to 160 other users, enhancing community engagement.
While this surge in Shibarium activity may not have immediate implications for the prices of ecosystem tokens, including SHIB, the influx of new users could prove beneficial in the long run. The growing interest in Chiikawa and its innovative approach may pave the way for a more vibrant Shibarium ecosystem, fostering a sense of community and participation among users.
