Shibarium, Shiba Inu Layer 2 Solution, Faces Volatility Post-Milestone
Shiba Inu’s Shibarium, a second-layer scaling solution built on Ethereum, witnessed a stark downturn in its transaction count just days after achieving a notable milestone. However, current data from Shibarium Scan reveals a different narrative, as the metric surged to 43,690 on November 24 from 29,280 the previous day, only to plummet to 15,680 at the time of this report.
The steep decline underscores Shibarium’s susceptibility to unpredictable emotional pressure. Prior to the bullish trend that commenced on November 19, Shibarium’s transaction volume remained relatively stagnant, consistently below the 21,000 mark. In the weeks leading up to the November 19 surge, Shibarium’s transactions spiked above 21,000 only once, on October 31.
Since Shibarium’s launch in August, the protocol has encountered a tumultuous journey but has notably surpassed four million transactions, currently standing at 4,229,260. The protocol has generated a total of 1,846,624 blocks, showcasing resilience and stability despite comparisons to its counterparts.
Is Shibarium fulfilling its purpose?
The question of whether Shibarium is meeting its objectives remains highly risky and warrants comprehensive analysis. As a second-layer network, Shibarium is not yet on par with prominent competitors like Arbitrum, Polygon zkEVM, and zkSync, among others. However, serving as a protocol that gives identity to the Shiba Inu ecosystem, its existence has been pivotal for SHIB and associated projects.
Decentralized applications are currently proliferating on Shibarium, and the core development team, led by Shitoshi Kusama, promises enhancements that could further elevate the Shiba Inu protocol’s status.
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