- SHIB’s price was $0.000024, indicating that the token was unresponsive to activities on the L2.
A low TVL and reduced transaction counts may lead to further decreases.
As an experienced analyst, I see the current state of Shiba Inu’s [SHIB] ecosystem with a critical eye based on the available data. The price stability at $0.000024 and the unresponsiveness to network activities on Shibarium are concerning indicators.
On the 26th of May, I noticed that Shibarium, the layer-2 solution within the Shiba Inu [SHIB] ecosystem, had a total block count approaching the 5 million mark.
As a blockchain analyst, I’ve examined the data from Shibariumscan and found that the total count of blocks in the network amounted to approximately 4.91. These blocks serve as essential storage units for recording transactional information on the blockchain.
More blocks, fewer transactions
As a researcher studying the Shiba Inu blockchain, I’ve observed that for a transaction to be confirmed and added to the block, it must first be validated by the network’s validators. Consequently, the recent surge in this metric is indicative of heightened validator activity on Shiba Inu’s network.
Since the network’s inception, over 417 million transactions have taken place in total. At this moment, there have been approximately 7,930 individual transactions processed.
This figure was a significant decline from the daily digits once recorded on Shibarium.
In contrast to a decrease in network action, the value of Bone ShibaSwap’s [BONE] token rose by 3.41% within the past 24 hours. For newcomers, BONE represents the primary digital asset of ShibaSwap.
As a crypto investor, I’ve noticed an intriguing development in the Shiba Inu ecosystem. Specifically, the price of BONE, which is used to access features on ShibaSwap, my preferred decentralized exchange within this community, has seen some significant growth. However, SHIB, the native cryptocurrency of the Shiba Inu project, hasn’t experienced the same upward trend during this period.
As of the current moment of reporting, Shib’s price stood at $0.000024. This value remained stable in the vicinity for the past two days.
As a researcher, I explored the impact of Shibarium’s proximity on various aspects of Shiba Inu beyond its pricing.
New players are not yet in
Based on my analysis, there wasn’t significant progress observed in the network growth. To be more specific, the Network Growth metric took a dip. On the 25th of May, this metric stood at 1881.
As a researcher, I’ve observed that the initial count of unique Ethereum addresses engaging in transactions for the first time has dropped to approximately 446. This statistic, referred to as Network Growth, provides valuable insights into the dynamics of the Ethereum network.
Should the graph below indicate an uptick, it would signify that Shiba Inu’s popularity has gained ground recently. Conversely, the downward trend suggests that the coin’s adoption has been lackluster in recent times.
One comparable metric experienced a decrease in circulation similar to Shiba Inu’s. Specifically, according to Santiment’s data, the one-day circulation dropped to 293.55 billion, contrasting with its weekly peak of 3.31 trillion, which was reached on the 22nd.
Fewer SHIB tokens have been involved in recent transactions, indicating a decrease in their usage. This might be beneficial for the token’s price since it reduces the amount of selling pressure in the market.
As an analyst, I also examined Shibarium’s Total Value Locked (TVL) figure. This metric represents the amount of dollars tied up in this blockchain platform through assets being locked or staked.
Realistic or not, here’s BONE’s market cap in SHIB terms
Based on DeFiLlama’s data, Shibarium’s total value locked (TVL) stood at $2.17 million— a significant drop compared to its highest point in April. This decrease implies that investors and market participants view the blockchain as less profitable.
Should this situation persist, the volume of transactions on the network could potentially keep declining. Furthermore, an increasing count of blocks may not necessarily indicate growing popularity for Shibarium and Shiba Inu.
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2024-05-26 17:12