Shiba Inu’s layer-2 scaling solution, Shibarium, has had a mixed start since its launch in August 2023. On the one hand, it has already surpassed 3.5 million total transactions and 1.2 million total blocks in less than two months. On the other hand, it has seen a decline in activity in recent weeks, with a 45% reduction in new daily transactions and the number of active accounts decreasing from 789 to 584 within a 24-hour period.
So, what’s going on with Shibarium?
Shibarium’s Marketing Strategist, Shytoshi Kusama, believes that the initial decline in activity is due to “hype” investors who have moved on. He said in a recent tweet, “Shibarium is still under development, and we are focused on building a strong foundation for the future. We expected that some of the hype investors would move on, and we are not concerned about the short-term decline in activity.”
This is likely true to some extent. Shibarium is a new project, and it’s not uncommon for new projects to see a spike in activity at launch followed by a decline as the hype dies down. However, it’s important to note that Shibarium is still seeing significant activity, with over 100,000 transactions per day.
Another factor that may be contributing to the decline in activity is the overall decline in the cryptocurrency market. The crypto market has been in a bear market for most of 2023, and this has led to a decrease in activity on all blockchain networks, including Shibarium.
Despite the decline in activity, the team behind Shibarium is confident that the network will continue to grow and develop in the coming months. They have a number of plans for the future, including improving the stability and performance of the network, adding new features and functionality, and making Shibarium the go-to platform for all things Shiba Inu.
Is Shibarium Worth Investing In?
Whether or not Shibarium is a good investment depends on your individual investment goals and risk tolerance. If you’re looking for a short-term investment, Shibarium may not be the best option for you. However, if you’re looking for a long-term investment in the Shiba Inu ecosystem, Shibarium could be a good option to consider.
Shibarium has the potential to revolutionize the Shiba Inu ecosystem by making it faster, cheaper, and more scalable. If the team behind Shibarium is able to execute on their plans, Shibarium could become one of the most popular layer-2 scaling solutions in the cryptocurrency industry.
Shibarium is a new and exciting project with a lot of potential. However, it’s important to remember that it’s still under development and there are risks associated with investing in it. If you’re considering investing in Shibarium, be sure to do your own research and understand the risks involved.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!