- Shiba Inu’s Shibarium blockchain is nearing 5 million blocks, yet the ecosystem’s traction remains stagnant.
- The token’s price remains unresponsive despite increased validator activity and a significant number of blocks.
- Shibarium’s Total Value Locked (TVL) has decreased, indicating a lack of confidence among market participants.
Discover the latest developments in the Shiba Inu ecosystem as Shibarium’s block count nears 5 million, yet struggles with transaction volume and market confidence.
Shibarium Approaches 5 Million Blocks
On May 26th, the Shiba Inu ecosystem’s layer-2 blockchain, Shibarium, was observed to have nearly 5 million blocks. Specifically, the total number of blocks was 4.91 million, according to data from Shibariumscan. Blocks are essential for storing transaction data on the blockchain, and an increase in blocks typically signifies heightened validator activity.
Transaction Volume Declines Despite Block Increase
For a block to be confirmed, a transaction must be validated. Thus, the increase in blocks indicates improved validator activity on Shiba Inu’s network. However, despite surpassing 417 million total transactions since inception, the current transaction count stands at a mere 7,930. This is a significant decline from the daily transaction volumes previously recorded on Shibarium.
Shiba Inu Token Performance
Despite the decline in network activity, the price of Bone ShibaSwap (BONE), the flagship token of ShibaSwap, increased by 3.41% in the last 24 hours. ShibaSwap is a decentralized exchange operating within the Shiba Inu ecosystem. However, the price of SHIB remained stagnant at $0.000024, the same level it has hovered around for the past two days.
Network Growth and Adoption
Recent evaluations show that Shiba Inu’s Network Growth metric has declined. On May 25th, the metric was 1881, but it has since decreased to 446. Network Growth measures the number of new addresses making a transaction on the network for the first time. The decline suggests that SHIB adoption has not been impressive lately.
Circulation and Market Confidence
Another metric facing a similar decline is Shiba Inu’s circulation. According to data from Santiment, the one-day circulation has dropped to 293.55 billion, down from a weekly high of 3.31 trillion on May 22nd. This decline implies that fewer SHIB tokens are being engaged in transactions, which could be beneficial for the price as it indicates less selling pressure.
Total Value Locked (TVL) in Shibarium
Shibarium’s Total Value Locked (TVL) has also seen a decrease. According to DeFiLlama, Shibarium’s TVL is currently $2.17 million, a notable drop from its peak in April. This decline suggests that market participants do not view the blockchain as a lucrative investment, which could lead to a continued decrease in transaction volume.
Conclusion
In summary, while Shibarium’s block count is nearing 5 million, the Shiba Inu ecosystem faces challenges with declining transaction volumes, reduced network growth, and a decreasing TVL. These factors indicate a lack of confidence among market participants and suggest that the ecosystem needs to address these issues to regain traction and investor interest.
