Shiba Inu: Shibarium Transactions Decrease Significantly: Will This Affect SHIB?

• Shibarium, a layer 2 blockchain for the Shiba Inu, saw a massive 97% drop in transactions.
• SHIB’s price has risen 10% over the past month, maintaining its market ranking of #12 with a cap value of $14.6 billion.

Shibarium, a layer 2 blockchain that supports the popular Shiba Inu meme coin [SHIB]experiencing a significant decline in transaction activity.

About a month ago now, Transaction sizes It decreased dramatically by approximately 97%. This decline has prompted an examination of the status of Shibarium and its potential impact on the price of SHIB.

Despite these challenges, the total transaction volume on Shibarium since its launch last August reflects a total of 417,479,277 conversions, so there is a slow but steady growth in activity, year-on-year.

A closer look at the tumble

Peak transactions on Shibarium reached an all-time high of 562,990 daily transactions on April 17. Fast forward to present day, the number has dropped dramatically to just 11.

Source: Shibariumscan.io

The price of the Shiba Inu at the time of publication was $0.0000248, with SHIB maintaining its position as the 12th largest cryptocurrency by market capitalization, which stood at approximately $14.6 billion at the time of publication.

Despite the slowdown in transactions, SHIB saw a price increase of 10% over the past month and a modest rise of 2.44% over the past seven days.

These price movements tell us that investor sentiment may still be relatively bullish on the second largest meme coin.

Market sentiment at press time towards the Shiba Inu, as technical indicators indicate, remains largely bullish with a rally of 83%. evaluation.

in addition to, Fear and Greed Index Shows a score of 73, categorized under “Greed”. The bulls were still in control.

How is SHIB doing now

Quinglass Data It showed that there was a 19.24% decrease in trading volume, along with a slight 1.58% decrease in open interest.

This reflects a decline in trading activity and a possible decline in short-term interest among traders.

Source: Coinglas

Last market activity SHIB demonstrates a tug-of-war between the bulls and the bears, as evidenced by inconsistent trading volumes and uncertain market sentiment.

Read Shiba Inu [SHIB] Price forecasts 2024-2025

Given the current inconsistency and volatility shown in the chart, SHIB may continue to experience volatility with a slight downward slope in the short term.

Investors and traders should watch for a sustained breakout below the 0.00002475 support level or a recovery beyond the recent high for a clearer trend.

Source: Trading View