In the last seven days, Shiba Inu (SHIB) has dropped in value by a significant 8.09%. The dog-themed meme coin has fallen more profound in the previous 30 days, declining by 22.81%. SHIB’s massive loss in the cryptocurrency market has likely affected Shibarium transactions.
Shibarium transaction volume hits alarming low
Shibariumscan data shows that transactions on the Ethereum-based Layer-2 scaling solution have crashed by a staggering 99%, with daily volume transactions currently at 52,410 per day.
Notably, about a week ago, on Feb. 14, Shibarium’s daily transactions stood at 4.64 million transactions per day. This difference reveals the massive decline that the protocol has witnessed in the past seven days.
Analysts say the plunge in transaction count shows the SHIB community has not actively engaged with Shibarium. This lack of interest is likely a result of the bearish performance of SHIB in the same time frame.
The price of SHIB in the last seven days dropped from $0.00001667 to $0.00001487 as the meme coin continued nose-diving. SHIB’s rebound attempt met with resistance at the $0.0000160 level, triggering another downward journey.
As of this writing, SHIB is changing hands at $0.00001543, a 2.14% decrease in the last 24 hours. Its trading volume has registered an uptick of 42.60% to $247.17 million within the same period.
Bearish sentiment among SHIB investors and whales
Experts note that beyond the renewed interest shown by SHIB traders, the developing team needs to focus on growing the ecosystem. They insist the crash in daily transactions and SHIB’s declining value are closely linked.
This suggests that if SHIB appreciates, investors will likely engage in increased transactions on the protocol.
For instance, SHIB whales have also stayed away from transacting recently, likely due to the price performance. As reported by U.Today, the number of SHIB whales’ transfers recorded a massive 93% drop, sparking concerns about the token’s future outlook.
