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Good news for Shiba Inu? The number of shibarium masses is close to 5 million

Good news for Shiba Inu?  The number of shibarium masses is close to 5 million
  • The price of SHIB was $0.000024, indicating that the token was not responding to activities on L2.
  • A lower TVL value and a lower number of transactions may lead to further declines.

On May 26, AMBCrypto noted that the total block on Shibarium, the Shiba Inu’s layer 2 blockchain [SHIB] The ecosystem was close to 5 million.

Specifically, the total number of blocks was 4.91 according to Data From Shibariumskan. Blocks are files used to store transaction data on the blockchain.

More blocks, fewer transactions

For a block to be confirmed, the transaction must be validated. Thus, the increase in the metric was a testament to improved auditor activity on the Shiba Inu network.

Moreover, the total transactions on the network since its inception have exceeded 417 million. However, the number of transactions at the time of publication reached 7,930.

This number was a significant decrease from the daily numbers recorded at Shibarium.

Blocks on Shibarium increased while transactions decreased

Source: Shibariumscan

Despite the decline in network activity, the price of Bone ShibaSwap increased [BONE] Up 3.41% in the last 24 hours For those unfamiliar, BONE is the token of ShibaSwap.

ShibaSwap is a decentralized exchange that runs on the Shiba Inu ecosystem. While the price of BONE rose, SHIB did not experience the same.

At the time of writing, SHIB’s price was $0.000024. This was the same area that the token had been hovering around for the past two days.

Aside from the price, AMBCrypto checked whether the proximity of the Shibarium affected other parts of the Shiba Inu.

New players haven’t joined yet

From our assessment, not much happened. For example, a look at the growth of the network showed that the scale decreased. On May 25, the measure was 1,881.

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However, as of this writing, that number has dropped to 446. Network growth shows the number of new addresses making a transaction on the network for the first time.

If the graph below shows an increase, it implies an improvement in traction for your Shiba Inu. However, the decline means that SHIB adoption has not been as impressive recently.

The number of SHIB tokens in circulation has decreased

Source: Santiment

Another measure facing a Similar situation Shiba Inu was traded. According to data from Santiment, the single-day distribution fell to 293.55 billion, despite reaching a weekly high of 3.31 trillion on the 22nd.

This decrease indicates that fewer SHIB tokens have been shared in transactions recently. For the price, this could be a good development as it means less selling pressure.

In addition, AMBCrypto Verification Total value of locked shibarium (TVL). TVL measures the dollar value of assets locked or pledged in a blockchain protocol.

Realistic or not, this is BONE’s market capitalization in terms of SHIB

According to DeFiLlama, the TVL for Shibarium was $2.17 million, a notable decline from its peak in April. This decline indicates that market participants do not view blockchain as bringing good gains.

The value of assets locked in Shibarium has decreased

Source: Devilama

If this remains the case, the number of transactions on the network may continue to decline. Also, an increased number of blocks may not mean improved traction for the Shibarium, as well as the Shiba Inu.