Shiba Inu’s Shibarium Struggles With 97.6% Drop in Daily Active Accounts 📉
The latest data from Shibariumscan has revealed a significant plummet of 97.6% in the layer-2 network’s daily active accounts from August 20 to 22. Initially peaking at 2,955 on August 20, the numbers took a sharp nosedive to 341 on August 21 and further plummeted to 309 on August 22.
- The daily active accounts metric signifies the number of wallet addresses engaging in transactions on the network within a day.
- The surge in daily active accounts on August 20 correlated with a spike in daily transactions, with 28,680 transactions processed that day.
Shibarium’s Recent Activity Trends 📉
Throughout the past month, the layer-2 network has consistently recorded daily active accounts in the lower hundreds. Only on August 1, apart from August 20, did the network witness thousands of wallet addresses transacting, hitting 1,898 daily active accounts.
- Moreover, daily transactions remained low, fluctuating between 1,000 and 5,000 transactions daily over the last thirty days.
Impact on Shiba Inu 🐕
The sharp 97.6% decline in daily active accounts raises concerns about Shibarium’s downward trend and its broader implications on the Shiba Inu ecosystem.
- The meme coin’s burn rate has notably decreased, with days passing without any token burns.
- Despite an automated mechanism to convert 70% of base transaction fees to Shiba Inu for burning, the implementation remains incomplete due to low activity on the network.
Shibarium’s Journey of Progress 🚀
Although facing challenges, Shibarium has made considerable strides since its launch in August last year. Celebrating its first anniversary, the network’s official X account highlighted its achievements, surpassing 417 transactions and attracting 1.8 million wallet addresses.
- Additionally, three hard forks (Delhi, Indore, and Shanghai) have enhanced the network’s functionalities significantly.
- Noteworthy DeFi applications, such as the liquid staking platform K9 Finance, have found a home on Shibarium, with plans for GameFi offerings like Shiba Eternity on the horizon.
𝗛𝗼𝘁 𝗧𝗮𝗸𝗲 🔥
Shibarium’s recent struggle with a drastic drop in daily active accounts underscores the challenges facing the layer-2 network and its repercussions on the Shiba Inu ecosystem. Despite setbacks, Shibarium has shown resilience and progress in establishing itself as a hub for innovative DeFi applications and GameFi offerings, paving the way for future growth and development.
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