Shibarium Faces Decline: Transaction Volume Drops

The transaction volume of Shibarium, the Layer-2 scaling solution supported by Shiba Inus, is declining due to a decline in network adoption.

Based on data from the Shibarium Explorer, the current daily transaction count stands at 5.69 million, indicating a decrease from the previous month’s average of 7 million.

The data indicates that Shibarium transaction trends have exhibited a persistent decline since the beginning of the year. As of January 4, 2023, the number had dropped significantly from 7.84 million as of December 28, 2023, to 4.37 million, indicating that devoted users are abandoning the protocol for unknown reasons.

Additional network statistics present a pessimistic prognosis for Shibarium, mirroring the persistent decline observed in the broader digital currency ecosystem.

The Shibarium Explorer estimates the present network utilization to be 27.51%. This value indicates that the Layer-2 protocol possesses sufficient bandwidth to accommodate more transactions than it is presently undertaking.

As of now, 2,519,822 blocks have been generated, according to Shibarium data; the current block duration is 5.0 seconds, which is a decrease from the 5.3 seconds recorded approximately one week ago. During the autumn, this block time provides optimism that Shibarium is accelerating.

The total network transactions for Shibarium are 266,645,659, while the number of registered addresses on the layer-2 network is 1,326,992.

The declining interest exhibited by Shibarium consumers is evident in the overall Shiba Inu community.

As of the moment of composing this text, the digital currency is down 1.81% to $0.000009501, with bears seemingly in complete control since the beginning of the year.

The price of Shiba Inu decreased from its all-time high of $0.00001089 earlier in the year to a low of $0.000009265.

During this period, Internet Computer (ICP) achieved a brief market capitalization advantage over the memecoin before regaining its previous position.

Shiba Inu remains a memecoin worthy of attention, particularly in light of the forthcoming innovations and enhancements the team has hinted at.

With the mega Shiba Inu igniting the Shibarium Burn Portal and market titans wreaking havoc, Shiba Inu will inevitably recover all short-term losses, including one zero.