Advertisement
AD

Main navigation

Shibarium Faces Moment of Truth in This Key Metric

Advertisement
Tue, 28/11/2023 - 16:00
Shibarium Faces Moment of Truth in This Key Metric
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Shiba Inu's Ethereum-based Layer-2 scaling solution Shibarium has seen a very strong rebuttal in its transaction count days after it recorded an impressive feat in this respect. According to an earlier report by U.Today, Shibarium soared as high as 43,690 on Nov. 24 from 29,280 the previous day. However, current data from Shibarium Scan shows this figure has plunged to 15,680 at the time of writing.

Advertisement

Related
Shytoshi Kusama Sends This Cryptic Message to SHIB Army

The sharp decline underscores how Shibarium is still largely subject to an unpredictable sentimental push. Prior to the uptrend that started on Nov. 19, total transactions on Shibarium had been relatively flat and below the 21,000 level. In the weeks leading to the Nov. 19 surge, the Shibarium transaction jump above 21,000 only came only once, on Oct. 31.

Since the launch of Shibarium in August, it has been a roller coaster ride for the protocol but with definitive milestones to show for it.

Shibarium has soared above the four million total transaction milestone, with this metric currently staying at 4,229,260 at the time of writing. The protocol has seen a total of 1,846,624 blocks produced, and though this pales in comparison to its peers, it underscores its resilience and stability.

Is Shibarium fulfilling its mission?

The question of whether or not Shibarium is fulfilling its mission is a very dicey one that requires a holistic analysis.

Related
Ethereum L2s Surprisingly Set New ATH

As a Layer-2 network, Shibarium is currently not on a par with top rivals, including Arbitrum, Polygon zkEVM and zkSync, among others. However, as a protocol that gives an identity to the Shiba Inu ecosystem, its presence has signified hope for SHIB and other associated projects.

Decentralized applications are currently proliferating on Shibarium, and to complement this, the core developer team, lead by Shytoshi Kusama, has promised more unique solutions that can add luster to the Shiba Inu protocol.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles