Shiba Inu: Shibarium Loses 96% Of Its Transactions, A Disaster For The Meme Crypto

The wind is turning for Shiba Inu enthusiasts. Not only is their favorite meme crypto plummeting in the rankings of digital assets, but other key indicators are also worrying. After a price drop, it is now Shibarium, the project’s blockchain, that is collapsing in terms of activity. Within just a few days, the daily transaction volume has fallen by 96%. What is happening within the Shiba Inu ecosystem?

Shibarium in distress: a shaken confidence

The Shibarium blockchain, intended to boost the use of SHIB, is going through a storm. According to ShibariumScan, the number of daily transactions has collapsed, dropping from 4.77 million to 52,410 in just a week.

Some alarming figures:

• Transactions down by 98%;
• Drop of 60% in 24 hours;
• Activity reduced by 79% for SHIB whales (Ali Martinez).

This slowdown occurs in the context of a gloomy global outlook for the crypto market. Bitcoin itself struggles to maintain its peaks, and its drop impacts all altcoins.

Is Shibarium the victim of a simple correction or a deeper disinterest?

SHIB Price: Levels of support to watch

The numbers speak for themselves: in one month, the price of SHIB melted by 23.9%, and in the space of 24 hours, it lost 2.24%. CoinMarketCap currently places it around $0.000015.

Crypto analyst Ali Martinez warns:

” Shiba Inu has lost a key support level! The next thresholds to watch are $0.000011 and $0.000008. “

If these thresholds give way, the damage could be even heavier. Moreover, the decline in transactions on Shibarium also reduces the SHIB burn mechanisms, further slowing its scarcity and, consequently, any potential price increase.

The question remains: Can Shiba Inu still repeat its past exploits, or this time, is the machine jammed?

The crypto market penalizes memecoins

If SHIB suffers, it is not an isolated case. Memecoins as a whole are facing a tough phase. The crypto market, dominated by Bitcoin and Ethereum, tends to see these more speculative digital assets suffer more during corrections.

However, with a BTC stuck below $100,000, the entire sector is paralyzed.

On the other hand, Shiba Inu’s current market capitalization limits its growth margins. If, by miracle, SHIB were to replicate its spectacular rise of 2021 (+884,400%), it would reach $0.134, which would boost its capitalization to… $80 trillion. To say it’s a utopia!

In reality, without a strong catalyst, Shiba Inu’s future seems compromised in the short term. Will the community be able to revive the machine, or is the enthusiasm for SHIB slowly fading away?

January was a disastrous month for SHIB, and February does not promise to be any brighter. Investors, who hoped for a rebound, may see their hopes fade even further. Was the end of the correction just a mirage?