Shibarium, an Ethereum Layer 2 network built by Shiba Inu, is up against a significant drop in day-to-day transactions to the extent of 99%.
The end of 2023 and the start of 2024 have witnessed increased acceptance of the Shibarium network, due to which daily transactions saw an upward swing and reached the figure of 7 million in December. In 2024, it fell to a million daily.
The actual and significant downward trend started on the 10th of March, with daily transactions falling to 800,000 daily, the lowest ever for the network. On the 16th of March, the Shibarium network was able to climb up to a figure of a little more than one million. This may be due to the Bitcoin crash, bringing the price down from $73,000 to $61,000. Altcoins like Shiba Inu were also sucked in.
Investors have strictly adopted the wait-and-watch formula. In the case of a return, it may lead to further acceptance in terms of the Layer 2 network. However, with Solana and Ethereum in the picture, the network will be up against some serious challenges where active users are concerned.
The negative situation is expected to remain the same till the end of March. A similar situation was faced by the network way back in November 2023. However, all inclined investors simply keep their fingers crossed and expect a major improvement to be on the horizon.
Credit: Source link