The Shiba Inu ecosystem is buzzing due to Shibarium’s remarkable transaction count explosion since the latter week of October. However, compared to the astounding 4.77 million transactions that were logged at that time, the daily transaction volumes have subsequently decreased significantly.
Are Shibarium transactions falling?
Shibariumscan data shows that there were 4.21 million transactions on October 31 compared to 3.89 million on October 30. The significant increase in the two days that followed was preceded by lower daily transaction statistics. The total amount of transactions on October 28 and 29 was 1,680,000 and 879,780, respectively.
A close examination of the transaction data shows that between October 25 and 28, the amount of daily transactions fell precipitously. A Shiba Inu team has provided insight into the big transaction explosion, even if the cause of the decline is still mostly unknown.
The decentralised trade on Shibarium, WoofSwap, is to blame, according to Lucie, the marketing head for Shiba Inu. Lucie claims that WoofSwap developers have spearheaded actions like as minting and burning to propel the ecosystem’s expansion.
Lucie underlined that by destroying SHIB tokens worth more than $1 million, the team has helped the community.
Potential impact on SHIB price
According to market watchers, Shiba Inu’s price, which has been steady given the present daily transaction volume, may decline once this excitement subsides. If transaction volume sharply declines, investors may get disinterested, and SHIB’s price may fluctuate.
But Shiba Inu creators have a lot of fresh ideas in the works that might keep people interested and confident in the project with a dog motif. Lucie made hints about upcoming Shiba Inu items, such as TREAT and Bury 2.0, in a recent post.
In order to keep long-term community stakeholders motivated, the marketing head hinted at more upgrades. All of them maintain the SHIB pricing as well as the volume and number of transactions. Data indicates that SHIB is now trading at $0.00001757, up 0.83% over the previous day.
