Whopping 97% Transaction Count Plunge Faced by Shibarium, What’s Happening?

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As an experienced analyst, I’ve closely followed the cryptocurrency market for years, and I’ve observed the trends and developments within the Shiba Inu ecosystem with great interest. The recent drop in transaction activity on Shibarium, Shiba Inu’s Layer-2 blockchain, is a concerning development that has persisted for almost a month now.

The Shiba Inu development team is still actively making significant improvements to Shibarium, their Layer-2 blockchain. However, there’s been a noticeable decrease in transaction activity on Shibarium for nearly a month now.

As a researcher studying the SHIB token, I’ve noticed an intriguing correlation between recent events and a significant decrease in the SHIB burn rate. Today, I’ve observed that this important metric has turned negative.

Shibarium faces enormous activity plunge

Based on openly available information from the Shibariumscan explorer, the Layer-2 chain of the well-known meme currency Shiba Inu, named Shibarium, has seen very little transaction activity recently. In fact, there’s been a significant decrease – around 100% – for nearly a month.

As a researcher studying transaction data on Shibarium, I’ve discovered that the peak daily transactions reached an astounding 562,990 on April 17. In contrast, the number of transactions observed today is significantly lower, amounting to only 16,800.

As a researcher studying the blockchain’s transaction data, I have observed that the total number of transactions has continued to expand, although at a somewhat leisurely pace. To date, this figure represents an impressive 417,469,578 transfers that have taken place since the platform’s inception last August.

As a researcher, I’ve uncovered some intriguing news this week. The enigmatic head of Shiba Inu, referred to as Shytoshi Kusama, revealed the launch of an updated version of ShibaSwap Decentralized Exchange (DEX) and its integration with Shibarium from the Ethereum blockchain. This strategic shift allows users to access a vast array of offerings on both platforms, potentially explaining the current low transaction activity on Shibarium.

Grok AI has a say about Shibarium and ShibaSwap

Last Friday, Lucie, the marketing head of SHIB, conducted a trial run with Grok AI bot to examine its knowledge regarding the upcoming launch of ShibaSwap DEX on Shibarium. During their interaction, Elon Musk’s AI offered an amusing analysis of the DEX to Lucie.

I, Grok, jokingly depicted the shift of the DEX from Ethereum to Shibarium as a transition from a bustling city to a tranquil suburb boasting superior infrastructure and cheaper fees. Consequently, SHIB supporters can anticipate quicker transactions and reduced expenses.

“If you’re wondering about the latest ShibaSwap on Shibarium, I’d be happy to explain it in plain terms. ShibaSwap, which is a part of the Shiba Inu (SHIB) community, functions as a decentralized exchange (DEX). It allows users to trade various cryptocurrencies directly with each other without intermediaries.”— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO (@LucieSHIB) May 17, 2024

As an analyst, I’ve discovered an intriguing aspect of the program that stands out as “the most exhilarating feature” in my opinion for ShibaSwap on Shibarium. This capability allows users like us to create fresh liquidity pools. Additionally, Shibarium’s Decentralized Exchange (DEX) introduces an innovative feature called “discovery charts and trending tokens.”

Eventually, Grok came to the realization that the revamped ShibaSwap on Shibarium delivers swifter transactions, reduced fees, introduces fresh liquidity pools, and improves token exploration.

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2024-05-18 23:11