Shiba Inu’s Shibarium Falls 99% in Activity in 24 Hours

by

As an analyst with over two decades of experience in the cryptocurrency industry, I’ve seen my fair share of anomalies and oddities in the blockchain world. The latest activity on the Shibarium blockchain is one such instance that has piqued my interest.

Strange or unusual actions persist on the Shibarium blockchain, as this layer-2 scaling solution, created by supporters of the well-known meme-based cryptocurrency Shiba Inu (SHIB), experienced another day with dramatic surges in its statistics.

Yesterday, I observed an intriguing development within the network. The volume of active transactions plummeted a staggering 99% over the past 24 hours, going from approximately 699,688 to just 6,540. According to Shibariumscan’s data, this dramatic drop was quite noticeable. Interestingly enough, on Saturday alone, this metric surpassed a whopping 4.67 million transactions.

Yesterday, U.Today raised doubts about the data’s accuracy over the weekend. During this period, the number of active accounts remained under 6,000 despite significant transactions worth millions on the Shibarium chain. Remarkably, the account count dropped to 927 yesterday. Simultaneously, there has been a staggering 2,000% increase in the average amount of BONE spent on gas fees per transaction over the past day.

Anomaly or malfunction?

What might lead to these peaks? One possibility is instability in the data from Shibariumscan explorer, which relies on Blockscout. Since this data comes from a third party, there’s always a chance of volatility or inconsistencies.

One potential explanation might lie within Shibarium itself, as its inner workings remain somewhat mysterious and unclear. The true extent of activity on this network, as well as the hidden aspects of the Shiba Inu ecosystem, are yet to be fully understood. As of now, the total value locked in the blockchain is approximately $6.23 million, according to DefiLlama’s latest data.

Read More

2024-10-30 10:52