Shiba Inu: $3.0 billion market cap against $46,453 on Shibarium

Shiba Inu is valued at $2.998 billion on Friday evening. On Shibarium, the project's own blockchain, $46,453 sits at the same hour. The token's market capitalisation is therefore roughly 64,500 times the value working on the blockchain it is meant to fund. Here is the evidence: DefiLlama reports $46,453 in the protocols on Shibarium for October 23; a year ago the figure was $816,615. Our own assessment follows further down in a section of its own, with the figures that argue for and against.