Shiba Inu recorded a price surge of over 35% this week, marking one of its biggest performances in 2026. However, its layer 2 network Shibarium saw its DEX volume plummet by 95% to just $72 as of Wednesday, July 29. This dramatic decline is attributed to the fact that all DeFi protocols on Shibarium except ShibaSwap registered zero activity throughout the week, including platforms like WoofSwap, DogSwap, Shibex, PunkSwap, and MARSWAP. ShibaSwap remains the sole active protocol on the network, accounting for all $72 in DEX volume this week. This weak performance suggests traders are exercising caution after Shiba Inu’s explosive rally faded within hours.
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