ShibariumThe Layer-2 blockchain of the Shiba inu (SHIB) ecosystem is fighting to maintain its activity. Shibarium slid into a difficult position to record transactions on that platform, from hitting transaction milestones. This is a development that could have a serious impact on SHIB.
Shabby transactions crash from millions to near zero
Follow Shibariumscan dataAs of September 16th, the total daily trading of Shaibarium was 11,600. This amount of transactions reflects how low L2’s transaction counts have decreased, with the daily average being in the range of 3.5 million to 4 million last month.
However, in the last week of August, the amount of daily transactions at Shaibarium lost momentum, and as of August 28th, it had slipped from 1.3 million to 9,590. This pattern remains for most of September, with its highest peak so far on September 5th, marking 1.26 million transactions.
Low user engagement has had a major impact on recent transaction counts. Furthermore, weekend security breaches by malicious attackers against Shaibariums are probably exacerbating the problem. I’m a developer but Kaal Dhairya has reassured the community It appears that users’ confidence is shaking as attacks to steal millions of bone tokens have been successfully prevented.
This also affected the price outlook for Shiba Inu, the ecosystem’s native token. Following reports of malicious attacks on Shaibarium, Shiv quickly immersed in the red zone. Unlike previous opportunities that investors accumulated in DIP, market participants did not flock to Shiba Inu.
Is Shiba inu’s price struggle, burning mechanism useful?
Since a zero crash near the current zero crashed on the transaction volume of shiv, the price of shiv cannot depend on it to support the rally. It may take some time to rebuild user trust and restore transactions again.
In the meantime, Shiba Inu may have to rely on other measures to raise prices from the low level. This includes increasing deflation Burn mechanism.
At the time of reporting, Shiba Inu was change Hands of $0.00001298 representing a 0.31% decrease over the past 24 hours. Similarly, trading volume fell 12.6% to $108.91 million within the same time frame.
