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Shibarium Backtracks as Crypto Market Scores History

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Thu, 11/01/2024 - 8:02
Shibarium Backtracks as Crypto Market Scores History
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The digital currency ecosystem has made history as the United States Securities and Exchange Commission (SEC) has greenlit a spot Bitcoin Exchange Traded Fund (ETF) for trading. With this approval, many aspects of the crypto ecosystem are expected to see rejuvenation; however, data from Shibarium shows that interest in the Shiba Inu scaling solution is diminishing at a fast pace.

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The protocol has seen its daily transaction count nosedive to an average of 2.46 million, the lowest it has recorded since Dec. 11, 2023. Over the past month, the Shibarium transaction count has been on an erratic swing, recording a high of 7.84 million on Dec. 28 before printing this low transaction figure.

Shibarium Daily Transaction Count via Shibariumscan

A distressing sign has shown up on Shibarium before now, with most of the metrics remaining stagnant or not recording impressive leaps as expected. The speed of transactions on Shibarium is also changing, ranging from 5 seconds to as high as 5.5 seconds. At the moment, this average block time is pegged at 5.1 seconds.

Shibarium occupies a pivotal role in the Shiba Inu ecosystem, and the lower transaction count is proof of waning adoption. This trend might negatively impact the network moving forward.

Shiba Inu fighting hard fight against bears

Shiba Inu is being oppressed a great deal by bears, as profit-taking comes with almost every major move to go parabolic. At the time of writing, the token has jumped by 6.99%, erasing one zero to peg its price at $0.00001005.

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Shiba Inu scored this growth push as the altcoin resurgence is underway following the spot Bitcoin ETF approval news. Whether or not this momentum is sustained depends on several factors, including network activity, as judged by the outlook on Shibarium.

At the moment, the Shibarium downturn is not impacting Shiba Inu negatively, but the volatility might shift the narrative in due course.

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