Shiba Inu’s Shibarium Takes A Beating Across Major Metrics, A Cause For Alarm?
Release: 2024/07/24 06:34 Reading: 546
- Original author：Bitcoinist
- Original source：https://bitcoinist.com/?p=311576
Shiba Inu (SHIB) Underperforms Amidst Shibarium Metrics Decline
Recent market activity indicates that Shiba Inu (SHIB) has underperformed compared to other major cryptocurrencies. In the past week, SHIB has witnessed a significant drop of 7.26%, while in the last 24 hours alone, it has declined by 2.58%. This downtrend contrasts sharply with the performance of its meme coin counterpart, Dogecoin (DOGE), which has seen a robust 12% gain over the same period.
Shibarium Metrics Drag SHIB Down
A key factor contributing to SHIB's struggles is a notable decline in crucial Shibarium metrics over the past 24 hours. Shibarium, the L2 blockchain network associated with Shiba Inu, has experienced a decrease in user engagement, transaction volume, and other important indicators. This decline has likely contributed to the lack of bullish sentiment surrounding SHIB.
Shibarium's Significance and Current Situation
Shibarium, built on the Ethereum blockchain, is Shiba Inu's layer-2 solution designed to enhance scalability and the overall Shiba Inu ecosystem. Shibarium has been closely linked to SHIB's price movements since its launch last year, often influencing significant fluctuations.
Recent data from Shibariumscan, however, shows that Shibarium has faced a decline in activity in recent days. The number of active accounts has plummeted from 667 on July 21 to just 113 at the time of writing, representing an 83% decrease within two days. Additionally, the number of new transactions has fallen sharply from 6,353 on July 21 to 524 in the last 24 hours.
Concerns and Potential Rebound
These metrics suggest a significant drop in user engagement and transactional activity on Shibarium, raising concerns about the network's impact on SHIB's market performance. However, Shiba Inu has historically demonstrated resilience and a large, dedicated community. The current slowdown in Shibarium's activity could be temporary, and activity could rebound with significant whale accumulations or project updates.
Burning Efforts Continue
Despite the recent market sentiment, some SHIB investors remain optimistic. Burn statistics indicate a significant increase in SHIB burns, with 60 million SHIB tokens sent to dead wallets in the past 24 hours. This increased burning activity is an effort to reduce the circulating supply, potentially positively impacting SHIB's price in the long term.
At the time of writing, SHIB is trading at $0.00001744, having recently rebounded from a support level of $0.00001710.
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