Shibarium Faces 97% Drop in Transactions, Yet Transfers Rise Steadily

While the Shiba Inu developer team continues to work on and implement key updates to the Layer-2 blockchain, Shibarium is seeing a significant drop in transaction volume, which has been ongoing for about a month.

This has correlated with a drop in the SHIB burn rate, which is currently negative.

Shibarium Transaction Activity Drops Significantly, Yet Total Transfers Gradually Increase

According to publicly available statistics from the Shibariumscan explorer, transaction activity on the Layer-2 blockchain of the popular meme cryptocurrency Shiba Inu, Shibarium, has remained low. For nearly a month, the drop has been staggering—nearly 100%, as per U.Today.

Compared to a high of 562,990 daily transactions observed on Shibarium on April 17, today's figure is only 16,800.

Nonetheless, the total number of transactions continues to rise, albeit slowly. This measure now shows 417,469,578 total transfers since the blockchain's inception in August of last year.

Earlier this week, Shytoshi Kusama, the enigmatic head of Shiba Inu, announced the release of a new version of the ShibaSwap DEX and its connection to Shibarium from the Ethereum blockchain. This move allows its users to access a diverse range of products and services across both blockchains. This helps to explain why Shibarium currently has a low amount of transaction activity.

Grok AI Highlights ShibaSwap's Move to Shibarium: Faster Transactions and Lower Fees

Lucie, the SHIB team's official marketing lead, tested the Grok AI bot on Friday to see what it knew about the ShibaSwap DEX, which is set to launch on Shibarium. Elon Musk's AI gave Lucie with a funny summary of the DEX.

Grok sarcastically compared the expansion of the DEX from Ethereum to Shibarium to "moving from a crowded city to a peaceful suburb with better infrastructure and lower fees." According to the AI, this results in "Faster transactions and lower costs for all you SHIB enthusiasts out there."

The program also highlighted "the most exciting feature" of ShibaSwap. That is the ability to create new liquidity pools on Shibarium. Another new feature introduced by the DEX to Shibarium is discovery charts and trending coins.

Grok ultimately decided that "the new and improved ShibaSwap on Shibarium offers faster transactions, lower fees, new liquidity pools, and enhanced token discovery."

Photo: Microsoft Bing

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