Key Shiba Inu Metrics Plummet as SHIB Price Heads South

Indicators on a Downfall
The second-largest meme coin in terms of market capitalization—Shiba Inu—managed to recover some of the losses incurred during the market correction at the end of last week, with its price surging by over 22% on a 7-day scale. However, SHIB flashed red again today (July 12), plunging by 2% (per Coingecko’s data).

The price retreat coincides with the decline of some important metrics in Shiba Inu’s ecosystem. The majority of those are linked to the layer-2 blockchain solution, Shibarium. Data shows that daily transactions on the network have decreased to 4,429 (a 26% pullback compared to the figure observed the day before).

The total blocks processed on a 24-hour basis have tumbled by 67%, while active accounts dropped by almost 80%, reaching just 136.

Shibarium officially went live in August last year, aiming to elevate Shiba Inu above its rivals in the meme coin realm by lowering transaction costs, improving speed, and enhancing scalability. According to some experts, its further advancement is crucial for a potential SHIB price resurgence.

In March this year, daily transactions on the protocol were in the millions, coinciding with the rallying Shiba Inu valuation, which hit a two-year high.

For more updates on the ecosystem, make sure to check out our Shibarium news section. Additionally, those willing to learn more about the L2 scaling solution and its main specifics, feel free to take a look at our dedicated video below:

Coin exchange rate

$BTC 58175.324 USD (+1.95%) ?
$SHIB 0.00001693 USD (+5.28%) ?

Coin exchange rate

$BTC 57062.813 USD (\-1.95%) ?
$SHIB 0.00001609 USD (\-2.93%) ?

Coin exchange rate

$BTC 56589.135 USD (+4.07%) ?
$SHIB 0.00001540 USD (+15.2%) ?

Coin exchange rate

$BTC 54373.441 USD (\-6.52%) ?
$SHIB 0.00001337 USD (\-13.67%) ?

Coin exchange rate

$BTC 60946.763 USD (\-0.56%) ?
$SHIB 0.00001711 USD (\-0.86%) ?

Coin exchange rate

$BTC 61292.257 USD (+0.88%) ?
$SHIB 0.00001725 USD (+1.85%) ?

Coin exchange rate

$BTC 64468.852 USD (+0.44%) ?
$SHIB 0.00001801 USD (+1.26%) ?