Sudden 22% Decrease in Shibarium's Daily Transactions: Unraveling the Mystery
In a remarkable turn of events, Shibarium, the layer-2 blockchain of the Shiba Inu (SHIB) ecosystem, has achieved and surpassed the predicted milestones of 1.4 billion transactions, 268 million addresses, and 12 million total block count. These milestones were based on Shibarium's potential as projected by U.Today in July.
Shibarium has flipped all the major milestones predicted by U.Today, with the total blocks on Shibarium now reaching 12,621,623. In the past week, Shibarium has added approximately 4,000,000 new transactions, surpassing the 1.5 billion milestone.
However, the daily transaction count on Shibarium has seen a 22% drop, with the figure dropping from 4.69 million on Aug. 17 to 3.65 million on Aug. 18. This decline in activity is partly attributed to reduced interest from retail investors and a sharp drop in SHIB token burn rates, combined with a tug-of-war between large holders ("whales") controlling 41% of coins and sudden sell-offs. Community dynamics, governance changes, and challenges in achieving broader adoption are also factors influencing this decline.
Despite the drop, Shibarium's daily transaction count remains strong for the current market conditions. The network remains active for wallet transfers by users, with the current total transaction count standing at 1,541,245,820.
In the broader Shiba Inu ecosystem, SHIB has also hit a total of 16,020,666 transactions on the network. The trading volume of Shiba Inu has decreased by a significant 9.97% in the last 24 hours. As of now, Shiba Inu is currently trading down by 0.22% at $0.00001260.
The decline in Shibarium's transaction count might have been triggered by bearish sentiment from Shiba Inu users. However, the blockchain continues to demonstrate its potential, surpassing all three predicted milestones before Q3 ends. The average block time on Shibarium remains a swift 5.0 seconds.
As Shibarium continues to evolve, it will be interesting to see how it navigates the current market conditions and overcomes the challenges it faces. The future of this innovative blockchain looks promising, with its robust infrastructure and strong community support.
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