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52% Drop in Key Metric Shocks Shiba Inu's Shibarium

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Tue, 4/06/2024 - 11:48
52% Drop in Key Metric Shocks Shiba Inu's Shibarium
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The Shiba Inu blockchain, Shibarium, has seen a dramatic drop in activity over the past 24 hours. As data from Shibariumscan shows, transaction fees collected on this layer-2 blockchain have dropped by 52% in the last 24 hours, from 46.5 BONE to 22.33 BONE. 

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For those unfamiliar with the Shiba Inu ecosystem, it is important to clarify that Shibarium facilitates the transfer of Shiba Inu tokens, using BONE tokens to cover transaction fees. Specifically, each transaction contributes to the burning of SHIB tokens, with a portion of the BONE transaction fee being converted to SHIB tokens and sent to the burning wallet.

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The drop in fees at Shibarium was naturally caused by a drop in transaction fees on the Shiba Inu blockchain. In the last 24 hours, the number of transactions through Shibarium dropped from 9,181 to 4,751. In addition, the number of active accounts interacting on the network of Shiba Inu decreased from 1,077 to 616.

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Source: Shibariumscan

As you can see from all of this data, the Shiba Inu network has seen a decline on all fronts. What this is due to is an open question. It is likely that current market participants, including Shiba Inu enthusiasts, do not see opportunities or interest in active participation in Shibarium.

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As we know, the crypto economy is highly dependent on attention, and if there is any conclusion to be drawn, it is that the Shiba Inu network and the entire ecosystem built around a popular meme-inspired cryptocurrency is not attracting it enough.

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