- Shibarium experienced a significant drop of nearly 65% in transactions, falling from 43,690 on November 24th to 15,680.
- The decline in transactions is attributed to the volatility affecting the nascent network.
- Before the surge on November 19th, Shibarium’s activity remained relatively low, rarely exceeding 21,000 transactions.
Just days after Shibarium, the Layer 2 scaling solution of the Shiba Inu ecosystem, recorded an all-time high in transactions, that figure has now plunged by nearly 65%.
According to data tracked by monitoring resource Shibarium Scan, total transactions hit 43,690 on November 24th, up markedly from 29,280 the prior day. However, as of Tuesday, transactions had sunk to 15,680 amidst the volatility commonly impacting usage of the nascent network.
Sharp reversal highlights the impacts of Shibarium
The sharp reversal highlights the unpredictable swings still impacting adoption of Shibarium in its early stages since launching this past August. In the weeks leading up to the recent record transaction count, activity on the protocol remained relatively subdued, rarely crossing 21,000 transactions before the swift uptrend began on November 19th.
That unpredictability underscores the growing pains still facing the Shiba Inu development team as it looks to foster sustainable usage of Shibarium among decentralized applications and project developers.
After crossing the four million total transaction threshold last month, marking an important milestone, the actual application has proved fickle.
Still, markers of stability and technological reliability have emerged across pockets of Shibarium’s first few months in operation, now counting over 1.8 million total blocks produced.
The question of whether Shibarium can fulfill its core mission as a viable Layer 2 solution supporting the Shiba Inu ecosystem remains complex, needing more long-term data points. In raw comparison against other leading Layer 2 protocols like Arbitrum and Polygon, adoption appears sparse.
While the wild transaction spike and sudden decline highlight more maturing still ahead, Shibarium’s long-term trajectory shows at least foundational progress. But transforming interest into sustained usage remains the next key phase, still filled with uncertainty.
