The bearish pressure experienced across the broader crypto market has impacted activity on the Shiba Inu blockchain, Shibarium.
Many investors have sought safety amid massive declines in crypto prices. For instance, Shiba Inu has seen its price crash 17.2% month-to-date (MTD) to $0.00001552. Other Shiba Inu ecosystem tokens, including BONE and LEASH, have also experienced sharp declines in the same timeframe.
This dip coincides with the bearish trend across the broader crypto market, leading to a drawdown in Shibarium activity, as reflected in its declining transaction volume.
Transaction Volume Slumps 96% in a Week
Data from ShibariumScan shows that Shibarium has a daily transaction count of 151,090. This represents a 96.83% decline from the 4.77 million transactions recorded just seven days ago on February 14.
According to data, Shibarium’s daily transaction count stayed above the 4 million mark over the past few weeks. However, this changed on February 16, when the network’s transaction volume plunged to 1.72 million from the previous day’s record of 4.64 million.
While many users expected a quick rebound, it slumped further, hitting a monthly low of 54,640 on February 18. In the meantime, activity on Shibarium is gradually gaining momentum, currently standing at 151,090. However, this is insignificant compared to the 4 million transactions processed daily earlier this month.
Shibarium Edges Close to Hitting 1 Billion Transactions
Despite the low activity on Shibarium, the blockchain is approaching a significant milestone of 1 billion transaction count. Specifically, Shibarium has processed 956,465,677 (956.46 million) transactions since its inception in August 2023.
At the moment, the SHIB blockchain is 43.53 million transactions away from hitting the 1 billion milestone. Achieving this feat will place Shibarium alongside leading blockchains like Ethereum and Solana, which have also processed over 1 billion transactions.
Meanwhile, since Shibarium’s launch, a total of 35.42 million wallet addresses have interacted with the network. These addresses have initiated over 950 million transactions, producing 9.58 million blocks on the network. Shibarium currently boasts an average block time of 18.99 seconds.
Also, the number of Shibarium accounts currently stands at 240,573. Of this figure, only 184 are currently active.
