DeFiLlama data showed ShibaSwap was the only protocol with activity on the Shiba Inu layer 2 network, while WoofSwap, DogSwap and others recorded zero volume.
Shibarium’s decentralized exchange activity collapsed even as Shiba Inu posted one of its biggest price performances of 2026, with the token rising more than 35% in a day. Data from DeFiLlama showed DEX volume on the Shiba Inu layer 2 network fell 95% over the last week to just $72 as of Wednesday, July 29. The weak reading suggests users were barely swapping tokens or engaging with DeFi (blockchain-based financial applications) on the network. ShibaSwap accounted for the entire $72, while WoofSwap, DogSwap, Shibex, PunkSwap, MARSWAP and ChewySwap recorded zero trading activity over the same period. The soft onchain backdrop contrasted with Shiba Inu’s brief rally, which the report said faded within hours, a sign that traders may be turning more cautious on the network after the price spike cooled.