Shiba

Solana

MEME

<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p dir="ltr">Shiba Inu’s scaling solution Shibarium is breaking records but with a tilt toward the negative side. Data from the protocol’s explorer,&nbsp;<a href="https://www.shibariumscan.io/" rel="noopener noreferrer nofollow">Shibarium Scan</a>, shows that total transactions over the past 24 hours have slipped to approximately 593,680, the lowest range recorded since the start of the year.</p>
<h2 id="waning-luster-of-shibarium">Waning luster of Shibarium</h2>
<p dir="ltr">While the launch of Shibarium came with reasonably visible turmoil, corrective efforts with support from the broader crypto ecosystem&nbsp;<a href="https://u.today/shibarium-optimized-and-almost-ready-for-reopening-lead-developer-says" rel="noopener noreferrer nofollow">helped reset its path</a>.&nbsp;</p>
<p dir="ltr">At launch, total daily transactions moved at a relatively slower pace, with a few hundred transactions conducted on-chain. Soon after, there was an uptick in total transactions, with Shibarium recording up to eight million in cumulative activity. This came as a major milestone toward the end of 2023, a feat that proved unsustainable.</p>
<p dir="ltr">As the total daily transactions started slipping, it has started falling since the start of the year. Over the trailing 30-day period, the Shibarium transaction count soared as high as 4.21 million in February, and before the current count, it fell to 800,460 as of March 10.</p>
<p dir="ltr">The Shibarium transaction count drop marks another major twist for Shibarium as it looks to help cushion the growth of SHIB on the broader market.</p>
<h2 id="stiff-competition-and-shifting-focus">Stiff competition and shifting focus</h2>
<p dir="ltr">The waning Shibarium transaction count is stirred by lower usage of the protocol as many decentralized finance (DeFi) users are shifting their focus to newer competitors. As observed, protocols like StarkNet that offered airdrop incentives are taking center stage overall.</p>
<p dir="ltr">Additionally, the growth of meme coins on Solana protocol, like BONK and&nbsp;<a href="https://u.today/book-of-meme-bome-up-300-will-it-overtake-pepe-and-bonk" rel="noopener noreferrer nofollow">BOOK OF MEME</a> (BOME), have also distracted users in general from the promises of Shibarium, a project many consider to be a meme as well. The growth potential of alternative meme coin projects have shifted the narrative overall.</p>
<p>While Shibarium is innovating in a very unique way, the current period serves as a major test of its resilience. The outcome of this resilience will be visible in the coming months in this&nbsp;<a href="https://u.today/bitcoin-might-be-gearing-for-epic-bull-run-after-70000-hit-analyst-gives-reasons" rel="noopener noreferrer nofollow">bull run</a>.</p>

Shibarium Breaks New Record, But It's Not What You Think

Table of Contents

U_Today

Other articles published on Mar 18, 2024

Binance’s user asset holdings exceed $100b

BEFE’s $1 prognosis: Surpassing PEPE and SHIB’s forecasts

Omniwars Launches a Gaming Universe, Empowering Players with Fantasy Hero Adventures.

Here’s How Reversal Pattern Sets Avalanche Price For 45% Breakout Rally

Ethereum Faces Resistance at $4,000 Milestone

Crypto Community Warns About Memecoin Founders Earning Millions in Token Presales

Join our free newsletter for daily crypto updates!