TL;DR
Shibarium’s activity has significantly declined, with daily blocks and transactions dropping over 50% recently.SHIB’s burn rate surged due to market volatility, and the token’s price fell 1.3% in the past 24 hours and 4% over the week.Shibarium Has Seen Better Days
Shiba Inu’s layer-2 blockchain solution – Shibarium – has been among the trendiest topics in the crypto space, blasting through numerous milestones in the past several months. However, the network’s progress has stalled lately.
Data shows that only 5,740 new blocks have been processed on Shibarium on July 2. This represents a nearly 70% decline compared to the 17,214 witnessed the day before.
In addition, daily transactions have dipped from over 14,000 on June 30 to around 6,000 two days later. The metric is far from its glory days in mid-April. Back then, transactions on a daily scale were in the millions.
Shibarium officially saw the light of day in August last year, aimed at elevating Shiba Inu above its rivals in the meme coin sector. It is designed to lower transaction costs, improve speed, and enhance scalability.
The protocol underwent two essential upgrades in the past few months. The team behind it first launched a new user interface (UI) upgrade, describing it as “faster, smoother, and more accessible than ever. ” Its main purpose was to allow compatibility with popular self-custody wallets such as MetaMask, Coinbase Wallet, and Trust Wallet.
Shortly after, the developers introduced another advancement via a hard fort. Its goal was to improve user experience, empower the community, and implement quicker block processing times.
Those curious to learn more about Shibarium, feel free to take a look at our dedicated video below:
SHIB on a Downfall
Another major development surrounding the second-largest meme coin in terms of total market capitalization is its burn rate, which exploded by over 8,500%.
It is worth noting that the indicator might have skyrocketed as a result of investors moving to liquidate their positions amid SHIB’s enhanced price volatility and current market uncertainty. After all, a percentage of tokens is sent to a null address with each transaction.
SHIB is down 1.3% in the past 24 hours and 4% weekly. Other leading meme coins, such as dogwifhat (WIF), Pepe (PEPE), Bonk Inu (BONK), and many more, have charted even more substantial losses.