Shibarium’s scan data shows Shibarium’s daily transactions dropped by over 90% since April 19’s 121,000 transactions. On May 19, Shibarium recorded just over 11,000 transactions. This trend persisted, with May 3 being the only day above 20,000 transactions this month.

Impact of Reduced Transactions on SHIB Burns

Shibarium’s lower performance impacts Shiba Inu’s growth. The network uses transaction fees for SHIB burns. In December, Shibarium burned over 33.8 billion SHIB tokens at its peak. The recent transaction decline reduced fees and SHIB burns, significantly lowering the burn rate.

Shiba Inu Shines Despite Shibarium’s Underperformance

Despite that Shibarium decline, Shiba Inu achieved significant price gains. The meme coin boasts a year-to-date gain over 131%. Strong fundamentals and Shiba Inu team’s efforts have driven this performance.

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Shiba Inu will likely see further price surges as the bull run continues. Increased Shibarium transactions could boost the second-largest meme coin’s bullish momentum.