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Shiba Inu’s Shibarium: New Users Soar, But Doubts Linger

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Shiba Inu Bullish Signals Amidst TREAT Token Launch Reminder

Shiba Inu’s layer-2 blockchain solution, Shibarium, is experiencing explosive growth. New user accounts skyrocketed by a staggering 962% in just 24 hours on June 16th, indicating a surge of interest in the network. This dramatic increase reflects a potential turning point for Shibarium, but some lingering questions require attention.

BONE Transactions on the Rise

Coinciding with the influx of new users was a rise in the average transaction value using BONE, Shibarium’s native token utilized for gas fees. According to Shibarium scan, the average BONE spent per transaction climbed from 0.00222 to 0.00458. This suggests increased activity and potential confidence in the platform’s utility.

A Different Picture Emerges For Shibarium

Source: Shibarium Scan

Despite the positive indicators, Shibarium’s overall transaction volume painted a contrasting picture. Active accounts and total transactions saw a decline. Active accounts dipped from 836 to 766, and total transactions plummeted by 63.2%, falling from 13,191 to 4,859. This inconsistency raises concerns about Shibarium’s ability to handle a growing user base while maintaining efficiency.

Possible Explanations for the Shibarium Discrepancy

The divergence between the surge in new users and the decrease in transactions could stem from several factors. One possibility is that a portion of the new users are joining out of curiosity or to hold BONE and SHIB tokens for investment purposes, rather than actively engaging in transactions on the platform.

Read Also: Can Shibarium Drive Shiba Inu to a $1 Trillion Market Cap?

Market Conditions May Be Playing a Role

The current state of the cryptocurrency market could also be a contributing factor. Widespread cautiousness may be leading to a decrease in overall trading activity, even with a rise in new users entering the Shiba Inu ecosystem.

Shibarium’s Future: Unfolding With Time

While the recent surge in new users for Shibarium is a positive sign, the concurrent decline in overall transactions raises questions. Only time will tell if Shibarium can effectively address these concerns and translate its growing user base into sustained network activity.

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