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Shibarium, the layer-2 scaling solution for Shiba Inu (SHIB), has finally crashed below 10,000 transactions in its daily count. The development signals a massive pullback by users relying on Shibarium as 99% inches toward a total halt.
Shibarium tale: "Bruised, not broken"
According to Shibariumscan data, the layer-2 total transaction count now stands at 7,500. This development is shocking to the SHIB community, considering the trajectory that Shibarium was on in the month of August. It was posting a daily average of between 1.2 million and 1.4 million and was well on the way to hitting significant milestones.
That momentum has totally faded, with few transactions still going on in the layer-2 ecosystem. This suggests adoption has dropped, and the push for a two billion transaction count has been derailed. Shibarium was previously on track to hit the milestone before the end of September, but there has been very little engagement recently.
The total transaction count is currently 1,568,456,850. This slow growth has triggered concern in some quarters of the SHIB community, prompting reassurances from Lucie, the ecosystem’s marketing lead. In a post on X, Lucie assured the community that Shibarium is not dead.
According to Lucie, the recent setbacks on the layer 2 were caused by several factors, including a hack that exposed vulnerabilities. Lucie noted that despite the exploit, Shibarium is better as it allowed the team to fix the vulnerabilities with stricter validator controls.
She also stated that Shibarium now has better security and audits, making the system more trustworthy. Lucie argues that the setback has made the blockchain more resilient, and despite the slowed activity, it still has a solid infrastructure in place with the security to handle large transaction volumes.
"Shibarium is bruised, not broken," Lucie stated.
She expressed optimism that Shibarium will stage a comeback, as pressure has been known to create strength. Lucie acknowledged the pivotal role of the SHIB army and their unflinching loyalty over the years. She noted that SHIB holders do not quit.
Could "Uptober" spark recovery?
With October generally referred to in crypto circles as "Uptober," Shibarium might begin its recovery this month. Shiba Inu had its best performance in October with a monthly average growth of 171.2%; many holders anticipate a bullish October.
As of press time, Shiba Inu is changing hands at $0.00001224, which represents a 4.59% price increase in the last 24 hours. There has also been an uptick in trading volume by 9.33% to $193.05 million, a clear indication that SHIB is off to a good start in October.
How it sustains this and its effect on Shibarium remains something to watch out for in the coming days.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team