Shibarium Transaction and Network Data Trend
Shibarium, the Shiba Inu-backed Ethereum-based layer-2 scaling solution, experienced a decline in its transaction count. The average daily Shibarium transaction count is currently 6.06 million, down from 7.84 million on December 28, 2023. When Shibarium was initially launched in August last year, it faced a crash due to high traffic load. However, the team behind the project made improvements and achieved stability in transaction load. Towards the end of the year, the daily transaction count exceeded 5 million for the first time and remained elevated between 7 and 8 million. The recent slump to the 6 million range is unexpected given the upcoming updates within the Shiba Inu ecosystem.
There have also been declines in other important Shibarium network metrics. The average block time increased from 5.0 to 5.3, indicating slower transaction processing. The active address count on the network dropped from over 2,800 to 1,132, and there has been a decrease in new accounts registered on the network. These trends suggest a waning interest in Shibarium.
Explaining the Shibarium Metric Slip
The declining attractiveness of Shiba Inu as a memecoin is contributing to the decrease in interest in Shibarium. While Shiba Inu remains the second largest memecoin by market cap after Dogecoin, its potential for rapid gains is diminishing. Retail investors are now seeking alternative tokens that offer higher growth potential. Other memecoins on platforms like Solana have recently set new standards for rapid gains, surpassing what SHIB has achieved since its early days.
Currently, Shiba Inu is trading at $0.00001058, experiencing a 1.23% decrease in the past 24 hours.
Hot Take: Shibarium’s Transaction Count Slump Raises Concerns
The recent decline in Shibarium’s transaction count is a cause for concern within the Shiba Inu ecosystem. Despite previous stability and elevated transaction numbers, the slump to 6 million raises questions about the future of Shibarium. Additionally, other network metrics such as average block time and active address count have also shown negative trends. This indicates a general waning interest in Shibarium and suggests that retail investors may be turning to alternative tokens for higher growth potential. As the memecoin landscape evolves, it will be interesting to see how Shibarium adapts to regain investor enthusiasm and improve its network metrics.
By
By
By
