Shibarium, the Layer-2 blockchain for Shiba Inu, recorded 1,180 transactions yesterday, a sharp rise from just 661 on July 21. That’s a 78% increase in daily activity within a few days, highlighting a rebound after a sluggish period.
Despite this boost in network usage, SHIB’s price failed to catch up. The token dropped to $0.000004102 from an intraday high before slightly recovering to $0.000004189 at press time, still down over 1% in 24 hours and more than 8% over the past week. The wider crypto market’s recent sell-off weighed down SHIB alongside others.
Investor confidence remains fragile as several challenges persist in the Shiba Inu ecosystem. Concerns include inactive team members on social platforms, unfinished projects, and low token burn rates. These issues continue to suppress enthusiasm despite the uptick in Shibarium transactions.
Meanwhile, over 113 billion SHIB tokens have been withdrawn from centralized exchanges recently, bringing reserves down to around 86 trillion SHIB. Such significant outflows often suggest investors are moving coins to private wallets, signaling long-term holding interest rather than selling pressure.
The surge in Shibarium transactions signals increasing user engagement but hasn’t yet triggered a price recovery for SHIB.
