Shiba Inu’s Layer 2 network, Shibarium, has recently witnessed a significant surge in transactions, exceeding 10,000 new entries within the past 24 hours and arriving at a total of 17,410. This marks a noticeable increase from the 7,110 transactions recorded on September 18. Despite this uptick, the network’s overall transaction growth remains stagnant. When compared to the record levels achieved at the end of August, the current statistics appear relatively low.
Shibarium’s Fluctuating Transaction Chart
Shibarium experienced its peak on August 21, with an astounding 4.69 million daily transactions. However, just a week later, the number plummeted to 84,090. In September, the situation further calmed down. Though transactions hit 150,810 on September 3, 1.26 million on September 6, and 490,230 on September 7, they remained below 20,000 on other days. This indicates waning investor interest and a loss of momentum in the network.
September: A Month of Weakness
September is often recognized as a period of weakness in cryptocurrency markets, a seasonal doldrum that might explain Shibarium’s slowing transaction count. Moreover, a recent bridge attack leading to the halt of staking/unstaking operations has also shaken user confidence. While the total number of transactions reaches 1.56 billion, there hasn’t been a rapid increase since the start of the month. Conversely, Shibarium’s total block count surpassed 13.16 million, with over 272 million total addresses.
In the crypto sphere, Shibarium’s current stagnant state prompts reevaluation of interest in the project. Nonetheless, there is potential for resurgence as the market moves past seasonal effects and security issues are resolved. Another notable development attracting investor attention is the growing competition in Ethereum 
$3,094’s Layer 2 solutions.
Recently, projects like Arbitrum and Optimism have recorded significant increases in transaction volumes, leaving observers curious about how Shibarium will adapt to this landscape. Particularly, the support from the Shiba Inu community may play a crucial role in the project’s long-term performance. Historically, short-term declines don’t entirely wipe out long-term expectations within the broader cryptocurrency markets.
For this reason, investors continue to watch Shibarium closely. The network’s future will be shaped by technical developments, community support, and market conditions. Meanwhile, talks about Bitcoin 
$91,081 ETF approvals in recent days may provide new momentum to the market. How these developments will affect Shibarium and similar projects will become clearer in the coming weeks.
