Shibarium Faces Moment of Truth in This Key Metric
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Shiba Inu’s Ethereum-based Layer-2 scaling solution Shibarium has seen a very strong rebuttal in its transaction count days after it recorded an impressive feat in this respect. According to an earlier report by U.Today, Shibarium soared as high as 43,690 on Nov. 24 from 29,280 the previous day. However, current data from Shibarium Scan shows this figure has plunged to 15,680 at the time of writing.
The sharp decline underscores how Shibarium is still largely subject to an unpredictable sentimental push. Prior to the uptrend that started on Nov. 19, total transactions on Shibarium had been relatively flat and below the 21,000 level. In the weeks leading to the Nov. 19 surge, the Shibarium transaction jump above 21,000 only came only once, on Oct. 31.
Since the launch of Shibarium in August, it has been a roller coaster ride for the protocol but with definitive milestones to show for it.
Shibarium has soared above the four million total transaction milestone, with this metric currently staying at 4,229,260 at the time of writing. The protocol has seen a total of 1,846,624 blocks produced, and though this pales in comparison to its peers, it underscores its resilience and stability.
Is Shibarium fulfilling its mission?
The question of whether or not Shibarium is fulfilling its mission is a very dicey one that requires a holistic analysis.
As a Layer-2 network, Shibarium is currently not on a par with top rivals, including Arbitrum, Polygon zkEVM and zkSync, among others. However, as a protocol that gives an identity to the Shiba Inu ecosystem, its presence has signified hope for SHIB and other associated projects.
Decentralized applications are currently proliferating on Shibarium, and to complement this, the core developer team, lead by Shytoshi Kusama, has promised more unique solutions that can add luster to the Shiba Inu protocol.
