Shibarium, the Shiba Inu layer two network, is showing a sharp drop in decentralized exchange activity as participation across its spot and DeFi markets remains subdued. DefiLlama data cited in the report shows Shibarium's DEX volume fell 97.46% over the last week, leaving trading activity at just $1.81 as bearish momentum persists. The decline comes during a broader market downturn that has kept Shiba Inu trading in the red, prompting investors and traders to stay cautious across the ecosystem. The report says analysts expect a stronger crypto market recovery could revive interest in SHIB, improve user activity on the network, and help bring liquidity back to Shibarium. Even with DEX volume weakening, Shibarium's TVL rose 0.13% over the past 24 hours to about $102,324. WoofSwap Shibarium held the largest share at about $86,018 after a 3.18% daily increase, followed by ShibaSwap at about $6,893, Shibex at about $4,264, and DogSwap at about $3,855.