Dream

Shiba Inu

Shiba Inu’s recently launched layer-2 scaling solution, Shibarium, has seen a steep decline in daily transactions over the past couple weeks. After peaking at over 200,000 transactions per day in early September, volume on Shibarium has dropped over 90% to around 16,000 transactions currently. 
<figure class="wp-block-image size-large"> 
 <img decoding="async" loading="lazy" width="1024" height="399" src="https://captainaltcoin.com/wp-content/uploads/2023/09/image-532-1024x399.png" alt="" class="wp-image-342817" srcset="https://captainaltcoin.com/wp-content/uploads/2023/09/image-532-1024x399.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-532-300x117.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-532-767x299.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-532-1536x599.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-532-2048x799.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-532-385x150.png 385w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-532-100x39.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-532-897x350.png 897w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-532-788x307.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/09/image-532.png 1169w" sizes="(max-width: 1024px) 100vw, 1024px"> 
</figure> 
This declining usage is worrying for a project meant to help scale Shiba Inu’s ecosystem. The lower transaction volumes also limit Shibarium’s ability to burn large amounts of SHIB tokens via gas fees, which was a key part of the network’s value proposition. 
Some possible reasons for the drop-off include early technical issues that deterred users, a lack of compelling dApps launched so far, and broader crypto market weakness weighing on hype and activity levels. 
While concerning in the short term, the <a class="wpil_keyword_link" href="https://captainaltcoin.com/shiba-inu-price-prediction/" title="Shiba Inu" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">Shiba Inu</a> team argues this is just an early bump as Shibarium matures. Lead developer Lucie recently assured the community that updates are coming to strengthen the network. 
Still, Shibarium’s adoption levels in these initial months will be critical if it is to become an integral part of the Shiba Inu ecosystem and drive value for SHIB investors. The coming weeks will be telling as to whether the network’s slowdown is just a temporary blip or more systemic issue. 
The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/shiba-inu-ecosystem-collapsing-the-shibarium-dream-turning-into-a-nightmare-as-usage-dwindles/">Shiba Inu Ecosystem Collapsing: The Shibarium Dream Turning into a Nightmare as Usage Dwindles</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.

Shiba Inu Ecosystem Collapsing: The Shibarium Dream Turning into a Nightmare as Usage Dwindles

CaptainAltcoin

Other articles published on Sep 26, 2023

Curve Price Spikes As Whales Suddenly Accumulate CRV: On-Chain Data

The Rise and Fall of Crypto King Sam Bankman-Fried: A Cautionary Tale of Hubris, Naivety, and Fin...

Holders of Dogecoin (DOGE) & Uniswap (UNI) Shift to VC Spectra (SPCT) in Pursuit of Remarkable Re...

Japan’s Cryptoasset Group Proposes Self-Regulatory Reforms for IEO System

BitShares Core 7.0.0 "Suez" scheduled protocol upgrade is out!

Indian MP Urges Government Action to Strengthen Web3 Payment Services

Join our free newsletter for daily crypto updates!