Shibarium has continued to lose its edge as a competitive layer-2 scaling solution on Ethereum. Current data from Shibariumscam shows that the protocol’s daily transaction count was 4,002 as of Aug. 26. This is a troubling fall from the more than 28,600 transactions recorded on Aug. 20.
Shibarium losing its edge
What works for Shibarium now remains to be seen, as its core metrics fluctuate widely. While the transaction count has hovered from a low of 1,850 per day to this peak of 28,600, the impact of this consistency on the network is telling.
Shiba Inu still ultimately depends on the level of adoption of Shibarium to plot an impressive price point. This L2 transaction slip comes amid the edge SHIB lost in its attempt to keep a sustained price surge. At the time of writing, the token was changing hands for $0.00001469, down by 1.76% in the past 24 hours.
Despite slipping off, Shiba Inu has maintained a 6.94% surge in the trailing seven-day period. Its 11% volume boost to $239,163,204 also shows that sentiment might shift soon.
However, for this to fully materialize, investors need to see a positive shift in key metrics, starting with the embrace of Shibarium.
Place of SHIB burn portal
Another crucial metric that has slipped overnight is the SHIB burn rate. While this metric has received very positive boosts recently, it has slipped by 99%, per data from Shibburn.
This fall-off comes despite the emergence of the Shibarium Burn Portal, which was launched on the mainnet weeks ago. Current metrics show that the portal’s utilization has been below expectations. This is another source of pressure that has largely kept SHIB whales away from backing the coin.
Whether or not the trend changes remains largely tied to broader market sentiment and the recovery of these metrics.
