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Shibarium, the layer-2 scaling solution for Shiba Inu (SHIB), remains on a downward path. Its daily transaction count has now dropped to below 3,000. The massive crash has become a source of major concern to the SHIB community, particularly as it affects the general outlook of the ecosystem.
Community confidence wavers despite optimistic messaging
Per Shibariumscan data, the last daily transaction registered on Shibarium is 2,800. This is a new low for the layer-2 scaling solution that averaged three million in daily volume in the month of August. It appears Shibarium has not only lost momentum, but it is grinding to a halt.
Despite assurances from Lucie, the Shiba Inu ecosystem marketing lead, Shibarium has continued to nose-dive. Lucie had sent a message to the community at the start of October to motivate the SHIB Army to rise above the malicious attack, which shook their confidence.
Her message was that "Shibarium is bruised, not broken." Many anticipated that this would rally the community and get daily transaction figures up, particularly as she timed her message to the start of the "Uptober" rally.
However, a transaction count of 2,800 is far from the recovery that market participants are looking forward to witnessing. With seven days gone in the month, concerns about Shiba Inu rallying to new price levels have continued to increase.
The SHIB Army was anticipating a bullish month as October had always favored the meme coin, but current realities might put that historical record at risk.
Price declines despite higher trading volume
As of press time, Shiba Inu is changing hands at $0.00001233, which represents a 3.97% decline in the last 24 hours. However, trading volume has climbed by 21.35% to $242.14 million, suggesting that holders are still anticipating a recovery.
While the broader market continues to monitor development, the SHIB Army is aware that Shibarium might not be the solution to that recovery. But with a massive shift in usage and transaction count, Shibarium currently lacks the momentum to turbocharge SHIB’s price in the ongoing crypto rally.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team