The Shiba Inu network’s Layer-2 solution, Shibarium, has experienced a significant decline in transaction activity since late August. Currently, daily transactions are near zero, putting its aim to reach the 2 billion transaction milestone at risk, only months after surpassing 1.5 billion. Shibarium’s recent performance shows a sharp drop in new transactions, with just 14.92 million added over two weeks – significantly less than the previously observed 3-4 million daily transactions. 2023 saw a surge in user activity, but interest has waned, drastically slowing transaction speeds and volume. This decline is also impacting SHIB coin’s price, which has seen a 0.58% decrease over the last 24 hours amidst a minor market uptick. The slowdown is largely attributed to ineffective coin burning practices, hindering both the price of SHIB and user engagement within the ecosystem. Shibarium representatives confirmed that these suboptimal burn strategies have impacted their metrics. The recent developments include: Shibarium’s daily transaction volume has drastically decreased compared to previous months. The 2 billion transaction milestone is unlikely to be met by September, as initially planned. SHIB coin’s price continues facing downward pressure, primarily due to inefficient burning methods, contributing to reduced demand and impacting both the ecosystem’s activity and its market value. User interest is waning, which is negatively affecting transactional and currency metrics. While Shibarium navigates these challenges, its future hinges on increasing user engagement and refining its coin burn strategies. These adjustments could potentially reignite transaction volumes and revive market value for both Shibarium and the broader Shiba Inu ecosystem.