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Shibarium’s impressive transaction count blowout since the last week of October has sparked excitement in the Shiba Inu ecosystem. However, the daily transaction volumes have since dropped considerably compared to the stunning 4.77 million recorded on that occasion.
Are Shibarium transactions falling?
According to Shibariumscan data, the transactions for Oct. 31 stood at 4.21 million, while they registered 3.89 million on Oct. 30. The appreciable leap in the two consecutive days follows lower daily transaction figures recorded before it. On Oct. 28 and 29, total transaction figures were 879,780 and 1,680,000, respectively.
Godfrey BenjaminA critical analysis of the transaction figures indicates that daily transaction volume experienced a sharp decline between Oct. 25 and 28. Although the reason for the dip remains largely unclear, a team from Shiba Inu has given insight into the massive transaction blowout.
Lucie, Shiba Inu’s marketing lead, attributes it to WoofSwap, the decentralized exchange on Shibarium. According to Lucie, WoofSwap developers have driven the ecosystem's growth with initiatives, including minting and burning campaigns.
Lucie emphasized that the team has supported the community by burning SHIB tokens valued at over $1 million.
Potential impact on SHIB price
Market observers say when this hype fades out, Shiba Inu’s price, which has been resilient based on current daily transaction volume, might slip. Investors might lose interest if transaction volume drops significantly, and SHIB could likely experience price volatility.
Yuri MolchanHowever, Shiba Inu developers have many new projects waiting to launch, which might sustain interest and confidence in the dog-themed project. In a recent post, Lucie hinted at new products coming to Shiba Inu, including TREAT and Bury 2.0.
The marketing lead teased other updates that will keep long-term community stakers incentivized. All these keep the transaction count and volume up and the SHIB price. According to data, SHIB is trading at $0.00001757, representing a 0.83% rise within the last 24 hours.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin