With the cryptocurrency industry exploding in development and wealth at the beginning of the year, one significant participant, Shiba Inu (SHIB), is the talk of the town. Bitcoin (BTC) has surged to local highs of $45,880 on the always turbulent market, indicating a bright start to 2024. The growing market volumes and an increase in the overall wealth locked in blockchains are exciting cryptocurrency aficionados.
But in the midst of this celebration of life, an unexpected drama is playing out in the Shiba Inu ecosystem—more precisely, in Shibarium, the ecosystem’s layer-2 solution. According to Shibariumscan’s most recent statistics, there has been a worrisome decline in network activity. The daily number of transactions has fallen to 4.91 million, the lowest level in more than a month.
This negative trend started on December 29 and dropped by 23% in the next two days. There was no break in the downward trend of Shibarium’s primary indicator in the new year, which saw a further 15.1% decline since the start of 2024. For the Shiba Inu community, the sheer volume of these decreases—millions of transactions—is causing concern.
Critical period for Shiba Inu
Although Shibarium has previously seen significant declines in transaction volume, the present decline is unique in terms of both its scope and speed. Remember, too, that according to U.Today, this year is going to pave the way for big changes in the next one.
January 2024 is a crucial moment for well-known cryptocurrency projects because of the unanswered concerns about how this downturn would affect the project team’s ambitions, the attitude of the Shiba Inu community, and the future of important tokens like SHIB and BONE.
