Daily Transactions on Shibarium Decrease by Nearly 50%
Data from the Shibarium explorer reveals a significant decline in daily transactions on the network since the start of the new year. On January 2 and 3, only slightly over 4 million transactions were processed, compared to an average of over 7 million transactions in December last year.
Since December 29, there has been a downward trend in daily transactions, with numbers dropping to 6 million and 5 million on December 30 and 31, respectively. Although daily transactions briefly rose back to over 6 million on January 1, the downtrend resumed the next day.
Importance of Daily Transactions for SHIB’s Growth
The number of daily transactions on Shibarium has become crucial for SHIB’s growth. The Shibarium team has committed to converting transaction fees into SHIB and burning those tokens. This means that more transactions on the network result in more SHIB burns.
These SHIB burns have the potential to positively impact SHIB’s price as they reduce its circulating supply. So far, Shibarium has contributed a significant amount to the over 410 trillion SHIB sent to Shiba Inu’s burn wallet.
Lucie’s Focus on Promoting the Dog Coin
Shiba Inu’s Marketing Lead, Lucie, has shifted her attention towards promoting the Dog coin. In a recent post, Lucie mentioned upcoming projects set to launch on Shibarium and highlighted the need for users to acquire Dog coin to access these projects. BONE, the gas token for the layer-2 network, has gained increased utility since Shibarium’s launch.
An increase in BONE’s price can also impact SHIB burns, as it allows the team to acquire and burn more of the meme coin.
Shiba Inu’s Price Decline
Currently, SHIB is trading at around $0.000009574, experiencing a decrease of over 9% in the last 24 hours according to data from CoinMarketCap.
Hot Take: Shibarium Faces Cooling-Off Period, Impacting SHIB’s Price
The Shiba Inu layer-2 network, Shibarium, has seen a decline in daily transactions since the new year began. This drop in activity has also affected the price of Shiba Inu (SHIB). The importance of daily transactions on Shibarium is evident in their role in burning SHIB tokens and reducing its circulating supply. However, with the decrease in transactions, the positive impact on SHIB’s price may be limited. As Shiba Inu’s Marketing Lead focuses on promoting the Dog coin and BONE’s utility increases on Shibarium, there is potential for these factors to influence SHIB burns and overall market dynamics. Monitoring the developments on Shibarium will be key to understanding its future trajectory and its impact on SHIB’s value.
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