Shibarium, the layer-2 scaling solution floated by Shiba Inu has witnessed a staggering dip of 63% in its transaction count within a 48-hour period.
Shibarium’s Recent Transaction Volatility
This Shibarium metric slipped from over 13,000 transactions to below 5,000. This downward trend has raised significant concerns within the Shiba Inu community.
Notably, on June 14, the daily transaction figures on the blockchain stood at 13,191. This volume of transactions on the network was significant given the slow struggle that was witnessed in the days prior to June 14.
As per available data, Shibarium had struggled with low daily transaction volumes with only 3,506 recorded on June 10. However, after that, activities increased steadily. According to Shibariumscan, the network’s transactions slipped again to 4,859 as of June 15.
During this period BONE, which is used for transaction fees by users also witnessed a crash in price. Currently, the BONE price comes in at $0.52837, a considerable 3.58% dip in the past 24 hours. The low transaction volume signals Shiba Inu is also witnessing fewer activities.
Contrasting Shibarium Transaction Trends: May vs. June
Market experts note that June is a sharp contrast to the month of May when there was high volume of transactions that led to an explosive 267% spike in transaction fees on Shibarium. At the time, BONE surged from 11.57 BONE to 30.98 BONE, an indication of significant transaction volume and growth.
Interestingly, analysts had predicted that Shiba Inu would witness a bearish June, based on historical evidence. This forecast seems to be playing out as seen in the volume of daily transactions on the Shibarium network.
As per data from Cryptorank, since 2021, the SHIB price pattern reveals a worrying bearish trend for the dog-themed memecoin. Although there was a price rally and increased activity for a few days thus far this month giving hope to investors that this year would record a shift, current indices prove otherwise.
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