Shibarium Transaction Count Plummets 22%, What’s Behind the Decline?

The Shiba Inu (SHIB) ecosystem’s layer-2 blockchain, Shibarium, has experienced a sharp drop in daily transaction volume. Notably, after exceeding four million transactions for over a week, its count saw a dramatic decline of 22% on August 18th, according to Shibariumscan data, dropping from 4.69 million to 3.65 million. This decline raises questions about user engagement on the network. While daily transactions fell to 3.65 million, it remains strong in light of current market conditions for cryptocurrencies. The potential impact of recent SHIB price volatility and community sentiment cannot be ignored.