Shiba Inu (SHIB), the second most popular meme coin, is not having a good time. At least, we can say that the on-chain data is concerning. Even projects that truly benefit in bear markets and have long-term potential experience significant price declines due to lack of demand. Not to mention that meme coins are even less necessary and less useful.
Before the bad news, let’s start with some good news for Shibarium. In less than a month, Shibarium has hosted over three million transactions. The layer2 solution, which started operating around this time last month, has achieved an important milestone.
The Shiba Coin team had stated that surpassing the three million figure would further increase the adoption of the new developments they were working on. We had seen the token price decrease due to the initial failed transactions in the early days of the network.
After addressing the initial launch issues, the network has shown significant performance improvements in key metrics. Shibarium interacted with over one million wallets in the first week after the launch, and as of the latest update, this number has reached 1.25 million.
As we mentioned, this three million figure seemed good at first. However, the number of active users on the network has been rapidly decreasing for days. The number of newly created wallets is less than 100, and a significant portion of the three million transactions seems to have been carried out in the initial excitement of the launch. Interest has waned, and for now, the Shibarium story seems to have ended on a sour note.
According to ShibariumScan data, between September 8th and September 15th, the average daily transactions on Shibarium exceeded 100,000. However, the latest data shows a decrease of about 40,000 transactions in the past few days.
The recent decrease in transaction volume is consistent with the declining value of locked assets in Shibarium. According to DeFillama data, Shibarium Total Value Locked (TVL) has decreased since peaking at $1.27 million on August 29th. Currently, it is around $800,000, which is quite low.
While the Shiba Coin team has made significant strides in various areas, such as Metaverse and DeFi, this is the first time that the success of one of their projects has the potential to have such a significant impact on the future of Shiba Coin (SHIB). The success of their recent moves could greatly influence the future of Shiba Inu (SHIB).