Shibarium, the layer-2 solution developed within the Shiba Inu ecosystem, has experienced a remarkable decline in transaction volume, dropping by 98.4% in just a few days. Recent data from Shibariumscan shows a drastic decrease from over one million transactions to only 9,330 in the past 24 hours, which is a concerning trend for the network.
This decline comes as the price of the Shiba Inu token (SHIB) took a significant hit. After a surge of 375% in the first half of March, SHIB’s value plummeted over the following weeks, wiping out nearly a third of its gains. Currently, SHIB stands at $0.0000253 per token.
The correlation between the sharp decline in SHIB’s price and the dramatic drop in Shibarium transactions raises questions about the stability and overall health of the Shiba Inu ecosystem. It is unclear whether the decrease in transaction volume is due to technical issues or a genuine lack of network activity, but the timing coinciding with SHIB’s price slump is significant.
Enthusiastic supporters of Shiba Inu are eager to understand the underlying factors behind this phenomenon and its potential implications for both Shibarium and the broader cryptocurrency market. With SHIB exhibiting considerable volatility in recent weeks, meme tokens and community members are closely monitoring developments within the Shiba Inu ecosystem.
As Shibarium deals with a significant reduction in transaction activity, the future trajectory of the network and its ability to regain momentum after SHIB’s price dump will be of great interest.