Halted transactions on Shibarium witness a steep decline, with merely 9,500 recorded for the day, marking a 99.8% plunge.
Despite a recent setback, the Layer-2 network for the Shiba Inu cryptocurrency, Shibarium, has demonstrated resilience since its August 2023 launch. The network has processed an impressive 1.56 billion transactions, a testament to its functionality.
However, Shibarium is currently experiencing a rapid loss of ground, with daily transactions plummeting by 99.8%. The network recorded only 9,590 transactions on the day of writing, a stark contrast to its peak of 4.8 million transactions on August 20.
Despite these challenges, the long-term adoption of Shibarium appears to be moving in the right direction, as evidenced by the growing number of wallet addresses. As of now, the network boasts over 271 million wallet addresses.
Shibarium's data source, Shibariumscan, provides valuable insights into the network's activity. The Shiba Inu development team, including developer Kaal Dhairya, has been actively warning the community about scammers targeting investors. These warnings include advice to avoid clicking random links and to verify all sources to prevent falling victim to fraudulent activities.
It's important to note that any token outside the official Shiba Inu ecosystem remains fake. This includes any claims of an official LEASH token on Solana or any migration of the Shiba Inu ecosystem to Solana.
In other news, Valour launched new SEK-denominated ETPs in Sweden, including one for SHIB, opening up access to Nordic investors. Meanwhile, Ethereum ETFs recorded $4B monthly inflows, while Bitcoin lagged behind. This context underscores the broader trends in the cryptocurrency market.
As always, it's crucial for investors to stay vigilant and exercise caution in the rapidly evolving world of cryptocurrency. The Shiba Inu team encourages everyone to be mindful and to prioritise the security of their investments.
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