Shibarium Transactions Crash Almost 50%, Shiba Inu Price Wobbles

3:51 pm
January 4, 2024
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**Shibarium Transactions Drop By Nearly 50%, Leading to Shiba Inu Price Fluctuations**

**Summary:**
Since the end of 2023, the Shibarium, a layer-2 network for Shiba Inu, had been hitting new milestones, but a significant drop in transactions has now caused a cooling-off period for the network. This downturn has also impacted the price of Shiba Inu (SHIB). The daily transactions on the Shibarium network have fallen by almost 50% since the start of the new year. This decline could potentially affect the burning of SHIB tokens, impacting their value. Furthermore, there are hints that the attention on the BONE token might increase in the Shiba Inu ecosystem.

The Shibarium layer-2 network has witnessed a substantial decrease in the number of daily transactions, impacting the price of Shiba Inu. The drop in transactions raises concerns regarding the burning of SHIB tokens, which could affect their value. Additionally, there are indications of a potential shift in focus towards the BONE token within the Shiba Inu ecosystem.

**Daily Transaction Volume on Shibarium Plummets by Almost 50%**
Data from the Shibarium explorer showcases a notable decline in daily transactions on the network since the commencement of the new year. The number of transactions dropped to just over 4 million on both January 2 and 3, compared to over 7 million on average throughout December of the previous year.

**Focus on BONE**: Is Shiba Inu Shifting Attention?

Recent developments suggest that the Shiba Inu team might be directing more attention to the utility of the BONE token, alongside the SHIB token, in the Shiba Inu ecosystem. The BONE token’s value and utility have been increasing since the launch of Shibarium.

**Price Fluctuations and Concerns for SHIB**
At present, SHIB is trading at approximately $0.000009574, marking a decline of over 9% in the last 24 hours. The drop in daily transactions and potential rise in the utility of the BONE token could have repercussions for the burning of SHIB tokens, affecting their value.

**FAQs**

**What is Shibarium?**
Shibarium is a layer-2 network for Shiba Inu, designed to enhance the scalability and efficiency of transactions for the Shiba Inu ecosystem.

**What are BONE and SHIB tokens?**
BONE and SHIB are tokens within the Shiba Inu ecosystem. SHIB is the original token and BONE is the native token for ShibaSwap, which has gained increased utility since the launch of Shibarium.

**How do transaction volumes impact the burning of SHIB tokens?**
The burning of SHIB tokens is linked to the transaction volumes on Shibarium. Increased transaction volumes lead to more SHIB burns, potentially affecting the value of the crypto token as it gets removed from circulation.

**Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.**


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