Shibarium, the layer-2 scaling solution for Shiba Inu, has recently witnessed a significant surge in one of its key indicators – the number of new accounts on the network. This metric soared by an impressive 860%, jumping from a mere 16 accounts on June 15 to 154 the following day. This sudden increase in new accounts could indicate a growing interest in the protocol and a rise in overall activity within the ecosystem. The expanding community is a positive sign for Shibarium as it strives to build a more robust and sustainable network.
Despite the encouraging growth in new accounts, Shibarium has experienced a notable dip in daily transactions on the network. The number of daily transactions has plummeted by a staggering 65%, dropping to 4,860. This decline is significant considering that daily transaction volumes previously ranged between 3,000 and 20,000, signaling a substantial decrease from peak levels recorded in mid-April when millions of transactions were processed daily. The decrease in daily transactions could be a cause for concern and may warrant further investigation into the underlying factors contributing to this decline.
Shiba Inu Faces Price Correction Amid Market Volatility
In tandem with Shibarium’s performance metrics, Shiba Inu has also experienced a price correction in the past 14 days. The price of SHIB, the second-largest meme coin by market capitalization, has fallen by 20%, currently trading at around $0.00002 according to CoinGecko’s data. This downward trend in price aligns with the broader market decline and reflects the volatility and uncertainty present in the cryptocurrency space.
Since its official launch in August 2023, Shibarium has garnered attention and interest from industry participants through its continuous achievements and milestones. The network recently surpassed five million total blocks processed, marking a significant milestone in its development journey. Prior to this, Shibarium had processed over 400 million transactions and had accumulated 1.8 million wallet addresses, highlighting the network’s growing user base and adoption rate.
Shibarium’s development team has been proactive in enhancing the network’s functionality and user experience. Recent upgrades include a new user interface (UI) that aims to improve speed and accessibility for users, as well as compatibility with popular self-custody wallets like MetaMask, Coinbase Wallet, and Trust Wallet. Additionally, a hard fork was implemented to enhance block processing times, empower the community, and drive overall network efficiency. These upgrades are designed to position Shibarium as a leading blockchain solution within the meme coin sector, offering improved scalability, lower transaction costs, and faster transaction speeds to its users.
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