Shiba Inu’s Shibarium Network Sees 75% Drop in Active Accounts Amid Surprising Activity Surge

• Shiba Inu’s blockchain network, Shibarium, has exhibited notable irregular activity recently.
• This activity has not necessarily been positive, indicating broader implications for the meme cryptocurrency.
• According to Shibariumscan, active accounts interacting on the Shibarium network plummeted from 657 to 168 within a 24-hour period.

Shiba Inu’s Shibarium Network Experiences Significant Drop in Activity Amid Crypto Market Turbulence.

Sharp Decline in Active Accounts on Shibarium

It’s been an eventful period for Shibarium, the blockchain network behind the popular meme cryptocurrency Shiba Inu. Data from Shibariumscan reveals a striking 75% reduction in the number of active accounts, dropping from 657 to just 168 within the span of a single day. This abrupt decline in network interaction underscores potential issues that could be affecting Shibarium’s adoption and usability.

Impact on Transaction Volumes

The decrease in active accounts has had a direct impact on the network’s transaction volumes. Transaction numbers have mirrored the sharp decline in active accounts, with new transactions plummeting from 5,396 to 1,300, matching the 75% decline. This significant drop in activity could indicate a waning interest or trust in the Shiba Inu ecosystem.

Anomalies Amid Decline

Interestingly, even as the network suffers from reduced activity, there has been a slight increase in new accounts on Shibarium. The number of newly created accounts rose from 14 to 20 per day, representing a 42.8% increase. While the absolute numbers are small, this growth is noteworthy amid an overall downward trend.

Gas Fees Surge

Alongside these contradictory metrics, the average amount of BONE paid as gas fees has also increased markedly. The gas fee rose from 0.008 BONE to 0.0145 BONE, an 81.25% jump. This surge in gas fees might reflect network congestion or other underlying issues affecting transaction efficiency.

Wider Market Context: WazirX Hack

The Shiba Inu network has also been impacted by external factors. Recently, India’s largest crypto exchange, WazirX, experienced a major hack that resulted in the loss of $100 million worth of Shiba Inu tokens. This incident has undoubtedly contributed to the turmoil within the Shiba Inu community and could be partially responsible for the unusual activity observed on Shibarium.

Conclusion

In summary, the Shibarium network is currently facing a multifaceted challenge. The sharp decline in active accounts and transactions points to potential systemic issues, while the rise in new accounts and gas fees adds layers of complexity. Coupled with the external shock from the WazirX hack, it remains to be seen how Shiba Inu will navigate this turbulent period. Observers and stakeholders should stay vigilant for further developments in the Shiba Inu ecosystem.

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