Why is Shibarium transaction count falling?

According to the Shibarium scan data, the transaction count dropped from a high of 4.76 million on Oct. 26 to its current level of 699,690

The transaction count on Shibarium, layer-2 network of Shiba Inu (SHIB), has seen a significant drop in the past 24 hours, shifting the narrative around the network’s launch.

According to Shibarium scan data, the transaction count dropped from a high of 4.76 million on Oct. 26 to its current level of 699,690, marking an 85% decrease.

The majority of the transactions registered on Shibarium are driven by the community. Many community members have recently started bridging their Shiboshi NFT to the Shibarium network and testing its functionality.

The scan data also reveals that the average gas price on Shibarium has remained relatively stable in the past 24 hours, fluctuating between 100 and 150 SHIB. This indicates that the network is not experiencing any significant congestion despite the initial surge in transactions.

Overall, the slowdown in the transaction count surge may be attributed to the completion of bridging Shiboshi NFTs by most community members who own the SHIB-backed NFT. As concentrated activities are usually the driving force behind a trend boom, the trend reversal is not surprising once the activity subsides.

Shibarium is a layer-2 network designed to enhance the scalability and reduce the transaction fees of the Shiba Inu (SHIB) blockchain. It was highly anticipated by the SHIB community and finally went live on Oct. 26.

The network is still in its early stages of development, and several new products and services are expected to be integrated into it in the coming months.

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