đShiba Inu Faces Significant Declineđđš
Shiba Inuâs ($SHIB ) recent downturn in user engagement has raised concerns among investors. The Layer-2 (L2) platform Shibarium, once anticipated to boost network activity, has experienced a marked decrease in demand. On July 9, Shibariumâs user activity reached its lowest monthly point. Active addresses on the network, as well as the number of new addresses, have been declining since July 5. By July 10, only 11 new accounts were created on the L2 platform.
đąWhat Happened to Shibarium?đđĄïž
Shibarium is an Ethereum Layer-2 solution aimed at improving scalability and transaction efficiency on the Ethereum blockchain. Its primary objectives include reducing transaction times and costs. However, data from Shibariumscan indicates a significant drop in user engagement in recent days.
An on-chain data provider reported that the number of unique addresses executing at least one transaction on Shibarium fell to 504 on July 9, hitting the networkâs lowest monthly level. This decline in active addresses began on July 5, showing a 33% decrease.
