Transaction volumes on Shiba Inu’s layer 2 network, Shibarium, have slowed sharply, spotlighting a dramatic decline in activity. Data show that after daily transactions peaked at 37,730 on June 17, no meaningful recovery has materialized. In the past 24 hours, the network processed only 748 transactions, marking one of the lowest points in recent months.
The momentum on Shibarium fades
Shibarium, designed as a layer 2 solution for faster and more cost-efficient transactions in the Shiba Inu ecosystem, is now seeing its daily transaction count fall back to levels last seen in May—after a brief surge in mid-June. The latest statistics underscore a significant cooling off in network activity, despite previous excitement around the project.
Alongside sliding transaction figures, user participation has also retreated, revealing a market waiting for its next major catalyst. With the broader crypto market searching for clear direction, participants in Shiba Inu’s ecosystem appear to be proceeding with extra caution.
Rather than rapid growth, recent days on Shibarium have been marked by a flat trend, with network activity falling short of the ecosystem enthusiasm seen in earlier periods.
Persistent pressure on SHIB’s price
Over the weekend, the price of Shiba Inu slipped as low as $0.00000405, testing this level twice between Thursday and Friday. At the time of writing, SHIB was trading at $0.000004212—representing a 0.72% drop from the previous day and a weekly loss of about 10%.
Throughout the week, Bitcoin’s movements have dictated the crypto market’s direction, hitting higher risk assets like SHIB especially hard. As Q2 draws to a close, investors are watching closely for signs of a rebound in Q3, following a weak first half of the year.
| Indicator | Level |
|---|---|
| Shibarium daily transaction peak | 37,730 |
| Transactions in last 24 hours | 748 |
| SHIB weekend low | $0.00000405 |
| Current SHIB price | $0.000004212 |
Growth in holder numbers stands out
Despite the sluggish network activity, a positive signal for the Shiba Inu community continues to emerge. The number of wallets holding SHIB has been quietly increasing, suggesting that investor interest has not vanished entirely even as engagement on the network slows.
According to on chain data, Shiba Inu is approaching a milestone of 1.6 million holders. The strongest daily increase in wallet numbers was recorded just last week, highlighting that even as short-term activity wanes, long-term interest remains intact.
Even as SHIB’s price and network activity remain under pressure, ongoing growth in the holder base underscores continued long-term commitment to the project.
In the coming weeks, all eyes will be on whether transaction volumes on Shibarium can rebound and if SHIB can mount a stronger price performance in the third quarter.
