Shiba

Ethereum

Plunge

Bitcoin

Shiba Inu

Shiba Inu Layer 2 network <a href="https://bitcoinist.com/shiba-inu-lead-dev-clarifies-how-burns-work/">Shibarium</a>, which is built atop the Ethereum blockchain, was launched a few months ago to much anticipation. However, there have been a lot of fluctuations in the performance of the Layer 2 network which could have an adverse effect on the <a href="https://bitcoinist.com/shiba-inu-shib-latest-updates/">SHIB price</a>. 
<h2 class="p2" id="new-blocks-created-crashes">New Blocks Created Crashes</h2> 
The number of blocks created on a network usually reflects how much the network is being used. If activity rises, so will the number of blocks being created. Now, if the activity on the blockchain drops, then it is selected in a drop in the number of new blocks, which is a problem the <a href="https://bitcoinist.com/shiba-inu-ethereum-l2-shibarium/">Shibarium network</a> has run into. 
According to data from <a href="https://www.shibariumscan.io/stats" rel="nofollow noopener" target="_blank">ShibariumScan</a>, the number of new blocks created on the network is down over 38% in just two days. Block creation had been steady for the better part of October, leading into November where it peaked on November 7. On this day, a total number of 17,212 blocks were created on the network. 
However, in the days following this, the number of new blocks created has dropped steadily. On November 8, the total number of new blocks in <a href="https://bitcoinist.com/shibarium-metrics-milestones/">Shibarium</a> was 12,655, and then on November 9, there was a further drop to 10,627, culminating in a 38.25% drop so far. 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-264027 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot-2023-11-10-at-17.26.34.png?w=528&amp;resize=528%2C420" alt="Shiba Inu Shibarium blocks" width="528" height="420" srcset="https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot-2023-11-10-at-17.26.34.png?w=1452 1452w, https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot-2023-11-10-at-17.26.34.png?w=528&amp;resize=528%2C420 528w, https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot-2023-11-10-at-17.26.34.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot-2023-11-10-at-17.26.34.png?w=829 829w, https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot-2023-11-10-at-17.26.34.png?w=750 750w, https://bitcoinist.com/wp-content/uploads/2023/11/Screenshot-2023-11-10-at-17.26.34.png?w=1140 1140w" sizes="(max-width: 528px) 100vw, 528px" data-recalc-dims="1"> 
At the same time, however, the average block size on the network has been on a steady increase, going from 934 bytes to 1,340 bytes. Although this is a long way from its October peak of 2,820, it is still a notable increase. 
The drop in block production could be explained by the drop in new and active accounts. Both metrics have fallen in the last 3 days, with only 20 new accounts created and 588 active accounts on November 9. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/yoATIesD/" alt="Shiba Inu price chart from Tradingview.com (Shibarium SHIB)" width="2650" height="1742"> 
<h2 class="p2" id="effect-on-shiba-inu-price">Effect On Shiba Inu Price</h2> 
The <a href="https://bitcoinist.com/shiba-inu-price-december-2023/">Shiba Inu price</a> has been on a downtrend over the last day but this decline is not necessarily linked to the decline in new Shibarium blocks. Bitcoin lost its footing above $37,000 and this decline in the apex cryptocurrency has spilled onto other assets in the space. 
Shiba Inu has actually seen its trading volume increase in the last day by over 40%. Now, while this could signal that there is profit-taking in the coin, which is expected, it also shows there is still a lot of interest in the meme coin. 
Presently, <a href="https://bitcoinist.com/shiba-inu-robinhood-bone/">SHIB</a> is trading at $ 0.00000815 with the bulls still firmly in control of the price action. A bounce back in the Bitcoin price will likely see the asset continue to trend upward going into the weekend.

38% Plunge In This Shibarium Metric Threatens To End Shiba Inu Recovery

Table of Contents

Bitcoinist

Other articles published on Nov 10, 2023

Near Foundation and Eigen Labs partner to enhance Ethereum rollups

Predictions for CHZ, CEEK, LUNC, and AVAX: Will Prices Continue to Rise?

Analyst claims bear, bull cycles do not affect crypto adoption

Shiba Inu Price Prediction: Here’s Why $SHIB May Kickstart 32% Breakout Rally

Ethereum Recaptures The Psychological $2,000 Mark And Continues To Rise

Hot Wallet

Join our free newsletter for daily crypto updates!