As a seasoned crypto investor with years of experience under my belt, I have to admit that the recent performance of Shibarium has left me scratching my head. I remember when it was hailed as a promising layer-2 scaling solution for Ethereum, but now its daily transaction count is plummeting, and it’s worrying.
It appears that Shibarium has been struggling to maintain its competitive advantage in the Ethereum layer-2 scaling solutions market. Recent data from Shibariumscam indicates that the protocol processed only 4,002 daily transactions on August 26. This is a concerning decline from the over 28,600 transactions it handled on August 20.
Shibarium losing its edge
It’s still uncertain what will work for Shibarium in the long run, given its metrics can change significantly. Although the daily transaction count ranges from a minimum of 1,850 to a maximum of 28,600, the network’s response to this consistency is revealing.
The success of Shiba Inu‘s price trajectory largely hinges on the acceptance and use of Shibarium. This recent transaction fee spike occurs as SHIB experiences a slight setback in its ongoing effort to maintain a steady increase in price. Currently, the token is being traded at $0.00001469, representing a decrease of 1.76% over the last day.
Regardless of a temporary setback, the Shiba Inu coin has experienced a 6.94% increase over the past week. Moreover, its trading volume swelling by 11% to $239 million suggests that the overall sentiment could change positively in the near future.
In order for this to become a reality, it’s crucial that important figures show improvement, beginning with the adoption of Shibarium by investors.
Place of SHIB burn portal
Another crucial metric that has slipped overnight is the SHIB burn rate. While this metric has received very positive boosts recently, it has slipped by 99%, per data from Shibburn.
Despite the recent launch of the Shibarium Burn Portal on the mainnet, usage has fallen short of expectations, which continues to deter large SHIB investors (or whales) from supporting the coin. This additional factor adds to the overall pressure on SHIB.
The direction of the trend is heavily influenced by the overall market mood and the improvement of these key indicators.
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2024-08-27 11:14