Shiba Inu's Shibarium Posts 95% Drop in DeFi Activity: What's Behind It?

Shiba Inu saw one of its biggest 2026 price performances this week after it registered a daily price surge of over 35%, drawing attention from market analysts.

However, the same was not true for its layer 2 network, Shibarium, which saw its trading activity consistently move near zero all week.

Shibarium DEX volume drops to $72

After a week of extremely slow onchain performances across the decentralized finance (DeFi) ecosystem on the Shibarium network, the latest data provided by DeFiLlama shows a substantial drop in Shibarium's DEX volume.

Per the data, Shibarium has witnessed a massive 95% decline in its DEX volume over the last week, sitting at $72 as of Wednesday, July 29.

While DEX volumes typically indicate the strength or weakness of a network, the massive drop on the Shibarium network shows that users are barely swapping assets or interacting with decentralized applications on the network.

ShibaSwap as sole contributor

This notable decline in the network's DEX volume comes as decentralized exchanges operating on the network, including WoofSwap and DogSwap, registered a full week of zero activity.

However, the data further showed that ShibaSwap remains the only protocol to register modest activity on the network, solely accounting for all $72 in DEX volume registered on Shibarium this week.

Other decentralized protocols operating on the network recorded zero trading activity over the same period, including Shibex, PunkSwap, MARSWAP, ChewySwap, and many others.

With such a weak performance on the Shiba Inu layer 2 network, it appears that traders are increasingly exercising caution after Shiba Inu's explosive rally faded just hours later.