As the crypto market entered the new year with an upward momentum, Shiba Inu (SHIB), a leading player, is experiencing unexpected turbulence within its ecosystem. Despite Bitcoin (BTC) reaching local highs of $45,880, signaling an optimistic start to 2024, the focus has shifted to Shiba Inu and its Layer-2 solution, Shibarium. However, recent data from Shibariumscan indicates a significant decrease in network activity, raising concerns within the Shiba Inu community.
The latest figures from Shibariumscan paint a worrying picture, with daily transactions plummeting to 4.91 million, marking the lowest count in over a month. This downward trend began on December 29 and saw a 23% drop over the following two days.
The new year has not brought relief, as Shibarium’s critical metric has continued to decline by 15.1% since the beginning of 2024. The magnitude and speed of these transactional decreases are fueling concerns and speculations within the Shiba Inu community.
Although Shibarium has previously experienced fluctuations in transaction volume, the current downturn is notable for its unprecedented scale and pace. This decline raises critical questions about the broader implications, the impact on the project team’s plans, the sentiment within the Shiba Inu community, and the fate of key tokens such as SHIB and BONE.
January 2024 is emerging as a pivotal period for the popular crypto project, with stakeholders closely monitoring developments. The Shiba Inu community, known for its active participation and passionate support, is carefully observing how the project navigates through this challenging phase.
The sudden and significant drop in Shibarium transactions has sparked discussions about the underlying factors contributing to the decline and potential strategies to address and reverse the trend.