Shiba Coin, which has one of the most influential communities in the crypto world, has made ambitious moves and its price has grown remarkably. The best thing that the Shiba Coin team does is its ability to launch products on current hype topics. Moreover, it can do it fast enough, which is its strongest aspect. But this time it didn’t work out. Maybe it’s like the others.
Shiba Coin Failure
In the days when the excitement of the Metaverse was at its peak, the Shiba Coin team emerged and started a metaverse initiative that could rival the APE Coin team. However, it was largely forgotten after the promotion and launch. Why? Because the hype died down and they needed to focus on the new “amazing thing”.
From the swap platform to all other activities, Shiba Coin seems to be more focused on the advertising and excitement part of the business. We are seeing the same thing with the layer2 solution Shibarium these days.
It is no coincidence that the main topic in the middle of 2022 and the early months of 2023 was layer2 solutions, and the Shiba Coin team successfully jumped on the train in time. Despite the alleged stolen codes and numerous system errors, they launched as planned in mid-August.
However, this was a major failure. The network gained a bad reputation for over 20 days due to the partial failure of transactions. Now, the latest data shows nothing but disappointment for Shibarium.
Current Status of Shibarium
As of September 11th, 99% of transactions on the network can be successfully completed. This is a success, and transaction fees have also significantly decreased. The decrease in transaction fees may be related to the lack of interest in the network and the ability to confirm transactions more successfully. If the network is not burdened with a large amount of traffic, fewer problems are expected.
The number of daily active users on the network dropped to 500 three days ago. Yesterday, it was around 670. Has the layer2 solution, which was expected to attract the interest of hundreds of thousands of people, turned into a ghost town just one month after its launch?
What about new users joining the network? They are also hovering around 60-70. For Shibarium to succeed, it needs something big. Perhaps it will be forgotten and set aside by the team when the hype dies down. What will be the next step? NFTs, Metaverse, DeFi, L2… What will Shiba Coin focus on next?
Does Shibarium have a trade index code