In the past week, the cryptocurrency Shiba Inu faced a significant drop in value, causing daily transactions on Shibarium to decrease by 99%.
Sharp Decline in Shibarium Transactions
According to Shibariumscan data, transactions on the Ethereum-based scaling solution have plummeted by 99%, currently at 52,410 transactions per day. A week ago, this number was at 4.64 million per day, highlighting a dramatic decline in activity.
Bleak Prospects for Investors
Experts believe that the drop in transaction count reflects the SHIB community's inactivity due to the token's declining value. Over the last week, SHIB's price dropped from $0.00001667 to $0.00001487, initiating another downward spiral.
Decreased Interest from Major SHIB Holders
SHIB whales have also been staying away from trading, likely because of the price performance. As previously reported, the number of SHIB whale transfers dropped by 93%, raising concerns about the token's future.
The current state of Shiba Inu presents a challenge for the community and developers to bolster the ecosystem, aiming to increase activity and restore the token's value.
