The transaction volume of Shibarium, the layer-2 solution created within the Shiba Inu ecosystem, has dropped precipitously, falling by an astounding 98.4% in less than three days. Shibariumscan data shows a sharp decline in transactions over the last day, from over a million to just 9,330, indicating a worrying trend for the network.
This decline follows a notable decline in the price of the Shiba Inu token (SHIB). SHIB saw a sharp increase in value in the first two weeks of March, rising 375%, but then plummeted over the next two weeks, wiping out almost part of those gains. The current price of the well-known meme token is $0.0000253 per SHIB.
There are concerns over the integrity of the network and the general well-being of the Shiba Inu ecosystem due to the association between the dramatic reduction in Shibarium transactions and the steep decline in SHIB’s price. The timing of the anomaly during SHIB’s price decline is definitely interesting, even though it’s still unclear whether the decline in transaction volume is the result of technical issues or a true lack of network activity.
Enthusiasts of Shiba Inus are eager to comprehend the fundamental elements behind this occurrence and its possible consequences for Shibarium as well as the larger cryptocurrency industry. Since the value of SHIB has fluctuated significantly in recent weeks, community members and meme tokens in particular are keeping a close eye on changes in the Shiba Inu ecosystem.
Shibarium is seeing a notable decline in transaction activity, so it will be fascinating to watch how the network develops going forward and whether it can pick up steam after SHIB’s price fall.
