- SHIB was priced at $0.000024, indicating that the token did not react to the activity on L2.
- Lower TVL and fewer deals could lead to further declines.
On May 26, AMBCrypto announced that the total blocks on Shibarium, Shiba Inu’s Layer 2 blockchain, were [SHIB] The ecosystem has grown to nearly 5 million.
Specifically, the total number of blocks was 4.91. data From Shibariumscan: Blocks are files used to store transaction data on the blockchain.
More blocks, fewer transactions
For a block to be confirmed, a transaction needs to be verified, so an increase in this metric is a testament to improving validator activity on the Shiba Inu network.
Additionally, the total number of transactions since the network’s inception has exceeded 417 million, although at the time of writing, the number of transactions was 7,930.
This figure was a significant drop from the daily figures previously recorded at the Sibarium.
Source: Shibariumscan
Despite the decline in network activity, Bone ShibaSwap price [BONE] It has increased by 3.41% in the past 24 hours. For those who don’t know, BONE is ShibaSwap’s flagship token.
ShibaSwap is a decentralized exchange that operates on the Shiba Inu ecosystem. The price of BONE has increased, but the price of SHIB has not.
At the time of writing, SHIB was priced at $0.000024, the same range the token has been trading in for the past two days.
Beyond price, AMBCrypto also looked to see if the proximity of the Shibarium affected other aspects of the Shiba Inu.
No new players have joined yet
Our assessment does not show any significant changes. For example, when looking at network growth, we noticed that the indicator is dropping. On May 25, the indicator was 1881.
However, at the time of writing, that number has dropped to 446. Network growth indicates the number of new addresses conducting transactions on the network for the first time.
If the graph below shows an increase, it means that Shiba Inu popularity is increasing. However, a decrease means that Shiba Inu popularity has not been as impressive recently.
Source: Santiment
Another indicator is Similar Situations According to Santiment data, despite hitting a weekly high of 3.31 trillion copies on the 22nd, daily circulation fell to 293.55 billion copies.
The drop suggests that fewer SHIB tokens have been trading recently, which given the price, could be a positive development as it means less selling pressure.
Additionally, AMBCrypto already checked Shibarium’s Total Value Locked (TVL). TVL measures the dollar value of assets locked or staked in a blockchain protocol.
Regardless of whether it is realistic or not, BONE’s market capitalization as seen by SHIB is as follows:
According to DeFiLlama, Shibarium’s TVL was $2.17 million, down significantly from its peak in April, suggesting that market participants are not perceiving blockchain as a big profit generator.
Source: DeFiLlama
If things continue this way, the number of transactions on the network is likely to continue to decline, and an increase in the number of blocks does not necessarily mean greater traction for Shibarium or Shiba Inu.
