2024-03-21 10:10:40
The second-layer network of the Ethereum (ETH) Shibarium blockchain, launched by the developers of the meme cryptocurrency Shiba Inu (SHIB), has practically ceased to be used.
At the end of 2023, the popularity of Shibarium increased incredibly, and the number of transactions performed by users per day exceeded 7 million. However, after the New Year, the activity of the crypto community began to decline, and by the end of February the number of completed transfers dropped to 2.6 million.
In the spring, the negative trend accelerated, and on March 19, the number of processed transactions dropped to 9,330, a value not seen since November 2023. On Wednesday, the number of completed transactions rose to 83,560, but this figure cannot be compared with the figures recorded in January.
The sharp decline in the number of completed transactions can only be explained by the end of the bullish rally in the Shiba Inu market. On March 5, after the token price reached its highest value since November 2021 at $0.00004582, a downward trend emerged, as a result of which SHIB had already fallen in price by 41%.
If the bears maintain control over the market, the value of the asset will fall even further.
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