Shibarium Transactions Crash Almost 50%, Shiba Inu Price Wobbles
January 04 2024 - 8:00AM
NEWSBTC
The Shiba Inu layer-2 network Shibarium enjoyed significant success
at the end of 2023, crossing several milestones in the process.
However, the network looks to be experiencing a cooling-off period
following a significant drop in the number of transactions. Shiba
Inu (SHIB) also looks to be affected by this development following
a notable decline in its price. Daily Transactions On
Shibarium Drop By Almost 50% Data from the Shibarium explorer shows
that daily transactions on the network have significantly dropped
since the new year began. Only just over 4 million transactions
were processed on both January 2 and 3. This decline is notable
because Shibarium was averaging over 7 million transactions for
most of December last year. Related Reading: Crypto Pundit
Says Cardano Rivals XRP Community, But Why Is ADA Price Struggling?
December 29 was the last time that Shibarium saw over 7 million
daily transactions. Since then, it has been on a downward slope,
dropping to 6 million and 5 million on December 30 and 31,
respectively. It looked like things were going to pick back
up as daily transactions on the network rose back to over 6 million
on January 1. However, that was not the case, as the downtrend
continued the next day. The number of daily transactions on
the layer-2 network has become more significant since Shibarium’s
role in SHIB’s growth became apparent. The Shibarium team has
committed to converting some of the transaction fees made from the
network to SHIB and burning those tokens. As such, more
transactions on the network translates to more SHIB burns.
These SHIB burns have the potential to positively impact SHIB’s
price since the crypto token’s value is likely to increase as more
of it gets out of circulation. So far, over 410 trillion SHIB has
been sent to Shiba Inu’s burn wallet, with Shibarium contributing a
huge chunk to that figure. SHIB price at $0.000009 | Source:
SHIBUSD On Tradingview.com More Attention To BONE Than Shiba Inu?
Meanwhile, recent development suggests that the Shiba Inu team may
be looking to increase BONE’s utility. For some time now, the SHIB
token has so far been the center of attention in the Shiba Inu
ecosystem. However, the BONE token looks to be joining the mix as
Shiba Inu’s Marketing Lead, Lucie, has recently turned her
attention to promoting the Dog coin. Related Reading: Crypto
Analyst Blasts $20,000 XRP Price Target, Reveals Why It’s
Impossible In an X (formerly Twitter) post, Lucie mentioned several
projects that were set to launch on the layer-2 network and noted
how users would need the Dog coin to access these projects. BONE,
which was initially created as the native token for ShibaSwap has
gone on to enjoy greater utility since Shibarium launched.
BONE happens to be the gas token for the layer-2 network. Notably,
an increase in BONE’s price could also affect the SHIB burns since
the team gets to acquire and burn more of the meme coin. At the
time of writing, SHIB is trading at around $0.000009574, down over
9% in the last 24 hours, according to data from
CoinMarketCap. Featured image from Watcher Guru, chart from
Tradingview.com
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