The Shibarium network, a layer-two solution for Shiba Inu, has faced a drastic decline in daily transactions with a drop of 99.8%.
Transaction Collapse
According to Shibariumscan data, network activity has plummeted to only 9,590 transactions. On August 20, the network peaked at 4.8 million transactions and is now losing ground rapidly. This drop coincides with many investors retreating from the market and not making bold moves.
Ecosystem Growth
Despite the current downturn, the foundation of Shibarium remains solid. The network recently celebrated the second anniversary of its launch in August 2023. As of now, it has processed over 1.56 billion transactions, and the number of wallet addresses has grown past 271 million. Shibarium has also produced over 12.8 million blocks, indicating a long-term trend toward adoption.
Warnings from Shiba Inu Team
The Shiba Inu team continues to alert the community about scammers targeting investors through fake accounts and counterfeit tokens. They remind holders to avoid clicking random links and to verify all sources. Furthermore, the team clarified that there is no official LEASH token on Solana and no migration to Solana is planned. Any token outside the official Shiba Inu ecosystem is a counterfeit.
Shibarium is experiencing a significant drop in transaction activity but continues to advance in the long run, remaining appealing to users and investors.
