Shibarium's DEX volume fell 95% over the last week to $72, according to DeFiLlama data. The slump arrived in the same week Shiba Inu registered a daily price surge of over 35%. ShibaSwap accounted for every dollar of that remaining volume, while other exchanges on the network sat at zero.
Shiba Inu's layer 2 network Shibarium posted a 95% decline in DEX volume over the last week, leaving the total at $72 as of Wednesday, July 29, per DeFiLlama data. The slide followed a week of extremely slow onchain performance across the network's decentralized finance ecosystem.
However, the same was not true of the token's price. Shiba Inu registered a daily price surge of over 35% this week, one of its biggest 2026 price performances, drawing attention from market analysts.
Decentralized exchanges operating on the network, including WoofSwap and DogSwap, registered a full week of zero activity. ShibaSwap remains the only protocol to register modest activity, solely accounting for all $72 in DEX volume registered on Shibarium this week.
Other decentralized protocols on the network recorded zero trading activity over the same period, including Shibex, PunkSwap, MARSWAP and ChewySwap.
While DEX volumes typically indicate the strength or weakness of a network, the drop on Shibarium shows that users are barely swapping assets or interacting with decentralized applications there. Shibarium's trading activity moved consistently near zero all week.
With such weak performance on the layer 2 network, it appears that traders are increasingly exercising caution after Shiba Inu's rally faded just hours later.
Source: U.Today
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