The past few days have seen Shibarium drop drastically in daily transactions despite recording an impressive 202.83k day-to-day transaction rate on September 11, according to data from the Shibarium explorer, Shibariumscan.io.
It is no longer news that the Shibarium was poised to become the game changer in the Shiba Inu ecosystem, especially concerning cutting down SHIB’s massive coin supply.
Notedly, the Shibarium was designed in a manner in which it could burn SHIB tokens for every transaction on the network. This was made possible by deploying BONE tokens as the gas fee on the layer-2 scaling solution.
However, recent happenings hovering around the Shibarium seem to be deviating from the initial hype associated with the network, making the crypto community, especially the SHIB Army, wonder if the Shibarium was really the solution to SHIB’s massive supply.
At the time of writing, the daily transaction rate recorded on the Shibarium was 16.61k. This value represents a significant decline of about 91.8% from the 202.83k recorded on the date stated earlier in this news report.
A Close Look At Shibarium Transaction Statistics So Far
Shibarium became one of the most talked about topics in the crypto sphere after it went live in mid-August. However, its release met with some glitches in the form of massive traffic that made it stop producing blocks.
The network technology finally went live again for the second time in late August, and it has since been functioning perfectly.
At the end of August, it was reported that Shibarium helped to incinerate 5.7 billion SHIB tokens. The said figure did not go down well with most SHIB enthusiasts, as most expected more from Shibarium.
However, sentiments about the network being in its early phase and requiring more time to become a strong force succeeded in restoring faith in the technology.
September started on a good note. Shibarium’s daily transaction graph followed a steady growth, recording impressive figures even up to hundreds of thousands of transactions for successive days.
Shibarium kept registering remarkable daily transaction figures up to September 14, when it recorded 183.76k transactions. After September 14, the numbers started dropping drastically. September 15 witnessed a drop of 48.8%, as it registered just 89.66k trades.
Since September 15, 89.66k remains the highest value recorded, while 16.46k transactions recorded on September 23 were the least. It is left to see if there will be an improvement anytime soon.
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Why the Massive Plunge?
One of the major factors of the notable decline is that Shibarium has possibly been facing a drop in adoption for the past few days. As earlier mentioned, it’s too early to judge.
However, if nothing happens to improve the decline, it could have a generalized effect that would be bad for SHIB, particularly concerning efforts aimed at reducing SHIB’s massive supply.
Meanwhile, Lucie, a member of the Shiba Inu development team, has assured the Shiba Inu community that the Shibarium is undergoing some developmental repairs and will come back stronger.
Lucie tweeted, “Shibarium will soon demonstrate its strength and stability, with significant developments occurring behind closed doors.”