Days after a sharp spike in daily transactions, the Shiba Inu Layer-2 network, Shibarium, has recorded a steep decline in activity.
Specifically, daily transactions on Shiba Inu’s blockchain plunged more than 85% within 24 hours, reversing an earlier surge that briefly pushed network activity above 10,000. Although the drop initially raised concerns, the underlying data suggests a more nuanced explanation.
Key Points
- Shiba Inu’s network’s daily transaction volume has plunged by more than 85% to 1,580.
- The drop coincides with major infrastructure upgrades across the Shibarium ecosystem.
- Shibarium explorer currently displays incomplete data across key metrics, with total transactions showing around 1.36 billion instead of the actual 1.56 billion.
- Development in the ecosystem is advancing with Layer-3 scaling initiatives such as Shib Alpha and Shib Claw, currently in beta testing.
Shibarium Transaction Volume Dips 88%
Last week, Shibarium gained momentum, with daily transactions rising to 10,940 on March 26, the highest level in weeks. For context, activity had remained below 2,000 since February 2026, making the spike particularly striking.
However, the surge quickly faded, as transactions fell to 1,230 the following day, marking an 88.75% drop within 24 hours. At press time, daily transactions stood at 1,580, down 85.55% from the March 26 figure.
Consequently, the sharp decline reignited debate, with many attributing it to weakening user engagement.
Factors Behind the Drop in Transaction Volume
Typically, such a massive drop signals reduced network interaction. However, Shibarium is currently undergoing major infrastructure upgrades, which have influenced the explorer’s stats. Ongoing upgrades focus on migrating to new servers, performing a full chain re-index, and rebuilding Shibariumscan, its explorer.
As a result, the explorer now displays incomplete data across key metrics, including transaction volume, wallet addresses, and total blocks. For instance, as of today, the explorer showed around 1.36 billion total transactions, while the actual figure stands closer to 1.56 billion. Similarly, the total number of blocks appeared lower than pre-upgrade levels due to ongoing re-indexing.
Meanwhile, transaction counts may spike intermittently as indexing progresses. Even so, most recent activity consists of smart contract calls, largely bot-driven, rather than genuine user wallet interactions. Some transactions are also labeled “Value 0 BONE,” reinforcing this trend.
At the same time, the decline aligns with broader market sentiment, as investor confidence remains subdued amid extreme fear conditions.
Shiba Inu Blockchain Still Operating Normally
Despite the indexing limitations, the blockchain itself continues to operate normally. The delay primarily affects the explorer’s ability to display complete transaction data, rather than the network’s actual functionality.
In the meantime, development within the ecosystem is accelerating. Developers are actively working on Layer-3 scaling solutions, including Shib Alpha and Shib Claw, both of which are currently undergoing beta testing.
Although transaction volumes have dipped slightly, Shiba Inu has recorded modest gains. The token briefly climbed above $0.000006 and, at press time, traded around $0.000006033, up 3.6% over the past 24 hours.
