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đđđ Shiba Inu's #Shibarium Loses Steam, Is This the Reason for SHIB's Fall?
Shibarium, the #Layer-2 scaling solution backed by Shiba Inu, is experiencing a decline in transaction activity, signaling a decrease in adoption on the network.
Change in Shibarium Transactions Trend
Data from the Shibarium Explorer reveals a drop in daily transactions to 5.69 million, down from the average of 7 million observed in the past month.
The sustained weakness in Shibarium's transaction trends has been evident since the beginning of the year. On December 28, 2023, the figure stood at 7.84 million, plummeting to 4.37 million as of January 4, indicating a notable decrease in user engagement for undisclosed reasons.
Additional network statistics indicate a subdued outlook for Shibarium, aligning with the broader downturn in the digital currency ecosystem. The current network utilization is at 27.51%, suggesting that the Layer-2 protocol has ample bandwidth to accommodate more transactions than its current volume.
According to Shibarium data, the total blocks produced are 2,519,822, and the current block time has improved to 5.0 seconds from the 5.3 seconds recorded about a week ago, hinting at potential increased speed despite the decline.
Shibarium has processed a total of 266,645,659 network transactions, with 1,326,992 registered addresses on the Layer-2 network.
Impact on Shiba Inu (SHIB) Price
The diminishing interest in Shibarium is reflecting on the overall performance of Shiba Inu. At the time of writing, the digital currency is down by 1.81% at $0.000009501, indicating bearish control since the beginning of the year.
Shiba Inu experienced a decline from its earlier peak of $0.00001089 to a low of $0.000009265. During this period, Internet Computer (ICP) briefly surpassed the meme coin in market capitalization before Shiba Inu reclaimed its position.
Shiba Inu plans upgrades, including the Shibarium burn portal, aiming for price recovery and reduction.
Source - coingape.com
#CryptoNewsđđ°đŤ $SHIB #BinanceSquare #shibaInu
Shibarium, the #Layer-2 scaling solution backed by Shiba Inu, is experiencing a decline in transaction activity, signaling a decrease in adoption on the network.
Change in Shibarium Transactions Trend
Data from the Shibarium Explorer reveals a drop in daily transactions to 5.69 million, down from the average of 7 million observed in the past month.
The sustained weakness in Shibarium's transaction trends has been evident since the beginning of the year. On December 28, 2023, the figure stood at 7.84 million, plummeting to 4.37 million as of January 4, indicating a notable decrease in user engagement for undisclosed reasons.
Additional network statistics indicate a subdued outlook for Shibarium, aligning with the broader downturn in the digital currency ecosystem. The current network utilization is at 27.51%, suggesting that the Layer-2 protocol has ample bandwidth to accommodate more transactions than its current volume.
According to Shibarium data, the total blocks produced are 2,519,822, and the current block time has improved to 5.0 seconds from the 5.3 seconds recorded about a week ago, hinting at potential increased speed despite the decline.
Shibarium has processed a total of 266,645,659 network transactions, with 1,326,992 registered addresses on the Layer-2 network.
Impact on Shiba Inu (SHIB) Price
The diminishing interest in Shibarium is reflecting on the overall performance of Shiba Inu. At the time of writing, the digital currency is down by 1.81% at $0.000009501, indicating bearish control since the beginning of the year.
Shiba Inu experienced a decline from its earlier peak of $0.00001089 to a low of $0.000009265. During this period, Internet Computer (ICP) briefly surpassed the meme coin in market capitalization before Shiba Inu reclaimed its position.
Shiba Inu plans upgrades, including the Shibarium burn portal, aiming for price recovery and reduction.
Source - coingape.com
#CryptoNewsđđ°đŤ $SHIB #BinanceSquare #shibaInu