🦊 Shiba Inu: Shibarium Transactions See 1,889% Drop Amid Reset

Shibarium, the Shiba Inu Layer-2 blockchain, recently had a major infrastructure update and a full reindexing of its backend systems.

The Shibarium explorer is rebuilding from scratch, with 86% of blocks now indexed. In the last 24 hours, Shibarium daily transactions came in at just 557 as activity normalizes post-upgrade. This marked a significant drop from the figure of 10,940 transactions seen on March 26.

Most of these transactions are system-level, representing automated contract calls that support the new infrastructure. As seen on Shibariumscan, recent transactions had the label "Value 0 BONE," indicating they were not direct wallet transfers.

The Shibarium network remains operational; however, the explorer data is still syncing to reflect the full history as systems align after the upgrade. With just 86% of blocks indexed, the current data remains partial. That might account for the apparently low transaction numbers we are seeing.

This phase might suggest ongoing scaling efforts. The infrastructure is being strengthened to support the anticipated growth.

🔸 SHIB price action

The digital asset market continues to consolidate, with crypto prices remaining in a trading range that spans back to early February. In a consolidating market, when Bitcoin and the majors trade flat, traders often speculate on lower liquidity altcoins. In this light, the focus seems to be placed on altcoins, including Shiba Inu.

At the time of writing, SHIB was down 0.94% in the last 24 hours to $0.00000583 as trading remained subdued, with the extended holiday weekend keeping trading volumes thin. In this light, Shiba Inu's trading volume has only risen 9.5% in the last 24 hours to $78.77 million, according to CoinMarketCap data.

Bearish sentiment remains in the market following October's major sell-off, with the community showing a key lack of optimism.

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