Shibarium, the Layer 2 solution in the Shiba Inu ecosystem, recently faced an alarming decrease in transaction volume, plummeting by 98.4% in less than three days. Shibariumscan data highlighted a drastic fall from over one million transactions to just a mere 9,330. This points to potential concerns for the network’s sustainability and activity levels.
SHIB’s Value Tumbles with Transactions
Concurrent with the transaction downturn, SHIB’s value also took a hit. Following a substantial 375% increase in value earlier in March, the cryptocurrency‘s price has taken a downturn, relinquishing almost a third of its hike. The digital currency now stands at $0.0000253, sparking debate about the stability of the Shiba Inu ecosystem.
The network’s sudden decrease in transaction activity and SHIB’s price drop have raised concerns about what these developments might mean for the future of Shibarium. With the cause of the reduced transaction activity still uncertain, the timing alongside the depreciation of SHIB has drawn particular attention.
Potential Prolonged Decline in Sight
The Shiba Inu community is evaluating what these changes signify for Shibarium and the cryptocurrency sector at large. SHIB’s value has been particularly erratic, mirroring the broader volatile environment of memecoins. As the initial excitement seems to wane, a downward shift in SHIB’s price trajectory has become evident.
With Shibarium grappling with lowered activity, all eyes are on SHIB, observing whether the bearish momentum will persist and escalate. Cryptocurrency analysts, tracking trends of significant players like Bitcoin and Ethereum, caution that a sustained slump could further diminish SHIB’s market price.