TLDR
- Shibarium sees a 22% drop in daily transactions, falling from 4.69M to 3.65M.
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SHIB price volatility is linked to the drop in Shibarium’s transaction volume.
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Despite the dip, Shibarium’s transaction count exceeds 1.5 billion.
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Shiba Inu’s trading volume declines 9.97%, affecting overall investor confidence.
Shibarium, the layer-2 blockchain of the Shiba Inu (SHIB) ecosystem, has recently experienced a significant decline in daily transaction volumes. After consistently recording over four million transactions per day, the network saw a 22% drop in its daily transaction count on August 18. According to Shibariumscan, daily transactions fell from 4.69 million on August 17 to 3.65 million the following day, signaling a pullback in user engagement.
The sudden downturn raised concerns within the Shiba Inu community, especially as the Shibarium network had been achieving significant milestones prior to this drop. Despite this, the network remains active, with its total transaction count now surpassing 1.5 billion.
SHIB Price Volatility May Be Affecting Shibarium Activity
The drop in Shibarium transactions coincides with recent volatility in the price of Shiba Inu (SHIB). As of August 18, SHIB was trading at $0.00001260, a slight decrease of 0.22% in 24 hours. The volatility of SHIB’s price has been linked to fluctuations in user engagement on Shibarium.
Since Shibarium is directly tied to the activity of the Shiba Inu community, changes in SHIB’s market sentiment can impact the layer-2 blockchain’s transaction volume.
Moreover, trading volume for SHIB has decreased significantly by 9.97%, reflecting the cautious stance of investors amid the market turbulence. This drop in trading activity is one of the factors believed to be contributing to the recent reduction in Shibarium transactions. However, despite the dip, Shibarium’s transaction count remains strong compared to other blockchain platforms.
Shibarium Achieves Major Milestones Despite Drop
Even with the recent decline, Shibarium has surpassed several key milestones. In just under a week, the platform added an impressive four million new transactions. The total transaction count has now reached 1,541,245,820, demonstrating the network’s strong long-term performance despite short-term fluctuations.
Additionally, Shibarium has hit another milestone with its total blocks, now at 12,621,623, with an average block time of 5.0 seconds.
These achievements are notable, given the early challenges faced by Shibarium when it first launched. It’s also worth mentioning that the blockchain has exceeded earlier projections, including hitting 1.4 billion transactions, 268 million addresses, and 12 million blocks, all before the close of Q3.
Shiba Inu Network Remains Active Despite Price Struggles
The broader Shiba Inu network has also seen significant activity, with over 16 million transactions completed on the network. This data suggests that while the price of SHIB has struggled, the network remains active for wallet transfers, demonstrating that user engagement extends beyond price speculation.
Despite this, the price of SHIB continues to remain relatively stagnant, with investors focused more on utility and network growth rather than short-term price changes. The Shiba Inu community’s ability to maintain activity on the network, despite a volatile market, indicates its resilience and long-term potential for expansion.
