Shibarium, which is Shiba Inu’s L2, saw a decline in activity over the last 24 hours. According to Shibariumscan explorer, the daily transaction count on the Shibarium blockchain fell from 5,170 recorded on July 10 to 1,280 on July 11, a 75% drop.
After days running into weeks of flat network activity, the Shibarium transaction count showed a rise, increasing 361% from 1,120 on July 9 to 5,170 on July 10. However, this was swiftly reversed, as before, with Shibarium transactions dropping to 1,280 consequently.
Shibarium saw a massive 3,152% transaction spike in mid-June when the daily transaction count rose from 1,160 to 37,730 on June 17.
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This also sharply reversed, with Shibarium daily transaction counts dropping to the baseline subsequently. The trend of an increase followed by a drop, as seen currently on Shibarium, matches the broader trend in the market where rallies are quickly met with selling pressure.
Activity on a specific blockchain can fluctuate due to market conditions, a decrease in active users, and the completion of major ecosystem initiatives. It cannot be ascertained which of these factors might be responsible for the current trend seen on the Shibarium blockchain.
Crypto market awaits catalyst
The general cryptocurrency market has entered a calm phase after months of selling, leading many traders to decrease on-chain activity while waiting for further catalysts. This quietness might result in fewer blockchain transactions across different networks, including Shibarium.
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Developers also continue to build infrastructure across the Shibarium ecosystem, implying that current transaction figures may not fully reflect long-term adoption.
The market is currently flashing mixed signals: open interest has stopped falling, leverage is increasing, and the funding rate has turned positive. The next major price increase likely depends on whether spot demand returns. At the time of writing, SHIB was down 2.43% in the last 24 hours to $0.0000043 and down 1.23% on the week.
Though the crypto derivatives market is showing signs of stabilization, a definitive bottom has yet to be confirmed for most crypto assets.