#The.price.of.SHIB.is.collapsing .. What are the reasons?
_Facing the second layer measuring solution powered by #Shiba.Inu,Shibarium . A decrease in the number of transactions, indicating reduced reliance on the network. Shibarium Transaction Trend Change According to data from #Shibarium.Explorer , daily transactions now stand at 5.69 million. Down from the overall average of 7 million over the past month. Data shows continued weakness in Shibarium transaction trends since the beginning of the year. The number was set at 7.84 million as of December 28, 2023. It dropped dramatically to 4.37 million as of January 4 to show how dedicated users are avoiding the protocol for unknown reasons. Other network statistics also show a diluted outlook on Shibarium. Which reminds us of the ongoing stagnation in the broader digital currency ecosystem. Shibarium Explorer pegs current network usage at 27.51%. It is a number that shows that the Layer 2 protocol still has sufficient bandwidth To host more transactions than it currently does at this time. According to Shibarium data, the total blocks produced so far are 2,519,822. With the current block time at 5.0 seconds, down from 5.3 seconds recorded about a week ago. In the midst of fall, this cluster time gives a glimmer of hope that Shibarium is actually getting faster. Shibarium network transactions totaled 266,645,659 and registered addresses on the Layer 2 network were linked to 1,326,992. Impact on Shiba Inu (SHIB) Price The dwindling interest among Shibarium users is showing on the Shiba Inu as a whole. At the time of writing, the cryptocurrency is down 1.81% to $0.000009501, with bears appearing to be in complete control since the start of the year.
The Shiba Inu slid from the highest price point it reached earlier in the year at $0.00001089Â to a low of $0.000009265. During this time, #Internet.Computer (ICP) temporarily overtook the memecoin in terms of market cap, before regaining its lost position.
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