Shibarium, a Layer 2 network for Shiba Inu on Ethereum, came out a few months back. But, there have been big ups and downs in how well the network is doing, and this could affect the price of SHIB.
The number of blocks created on a network is a sign of how much the network is being used. More activity usually means more blocks. However, the Shibarium network is facing an issue as the creation of new blocks has dropped by over 38% in just two days, according to findings from ShibariumScan.
Concerns Rise as Shibarium Network Sees 38% Drop in Block Creation
Block creation was steady in October and early November, reaching a peak on November 7 with 17,212 blocks. But, in the days following, the number of new blocks has been decreasing. On November 8, it was 12,655, and it dropped further to 10,627 on November 9, marking a decline of 38.25% so far.
Simultaneously, the average block size on the network has been growing steadily, from 934 bytes to 1,340 bytes. Although this is a notable increase from the October high of 2,820, it still represents a significant rise.
The drop in block creation might be linked to a decrease in new and active accounts. Both metrics have decreased in the last three days, with only 20 new accounts and 588 active accounts reported on November 9.
Shiba Inu Faces Decline Amid Bitcoin’s Slip: Recovery Signals Remain
Shiba Inu’s price has been on the decline recently, partly influenced by Bitcoin’s fall below $37,000. The broader cryptocurrency market has felt the impact of Bitcoin’s slide.
Despite the fall, Shiba Inu’s trade volume has surged by over 40% in the last day. This uptick could indicate profit-taking in the coin, but it also suggests that there is still significant interest in the meme coin.
SHIBA Price Chart | Source: Coinstats
As of now, SHIB is trading at $0.00000942, with the bulls maintaining control over the price action. If Bitcoin stages a recovery, it’s likely that Shiba Inu’s asset will continue to rise over the weekend.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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