Shibarium, Shiba Inu's layer-2 scaling solution, has unlocked a new achievement that could impact its future, yet declining transaction numbers cast a shadow
Shibarium, a layer-2 scaling solution for Shiba Inu (SHIB), has reached a new milestone on its mainnet, while the overall transaction count on the network has been declining.
According to data from Shibariumscam, Shibarium has now printed over seven million blocks. The latest data shows that the block count on the Ethereum L2 has reached 7,101,728. This milestone comes after a period of increased activity on the network.
One of the key metrics that define the development and progress of an Ethereum layer-2 protocol is the average block time, which has seen a significant decrease from 4.0 to 5.0 over the past year, indicating a noticeable slowdown in throughput.
Despite the slowdown in block transactions, the overall transaction count has been increasing and is now at 418,292,669. Concurrently, the total number of wallet addresses has crossed 1,823,000. Shibarium has been seeing a combination of development updates and adoption over the past few months. However, most of the basic updates hardly translate into any real metrics for Shibarium or the price of SHIB.
Earlier this month, Shiba Inu announced their plans to introduce the SHI stablecoin. This development saw an uptick in the price of SHIB, along with an increase in the daily transaction count, which was short-lived.
On-chain data reveals that the daily Shibarium transactions have reduced from 11,230 on Sept. 27 to 3,190 today. This bearish twist, in the form of a lack of consistency in the growth metrics of Shibarium, is something that stakeholders will be keeping an eye on.
The Shibarium projection has a substantial impact on the overall performance of the underlying coin. According to U.Today, the gains that Shiba Inu saw in the previous week have been slashed in half. The price has fallen by 7.81% over the last 24 hours and is currently trading at $0.00001822. However, the token has seen a 36% gain in value over the past week, which is a fresh indication that buyers are driving the price up.
Investors will never run out of reasons to bet on the token as Shytoshi Kusama and the SHIB team continue to reveal new collaborations, projects and initiatives, despite the difficulty in predicting the long-term performance of these key growth metrics for Shiba Inu.
