Why Shiba Inu felt little impact of the Shibarium hardfork

  • New transactions have dropped on the Shibarium.
  • SHIB has declined by close to 3% in the last 48 hours.

The Shibarium hardfork occurred recently. Following the hardfork, what has been the trend in transactions on the Shiba Inu Layer 2 network? Additionally, has it sparked any significant activity for Shiba Inu?

The Shibarium hardfork

On the 2nd of May, Shibarium announced the successful completion of its hardfork, confirmed at block height 4504576.

The announcement from the Shiba Inu L2 highlighted that the recent hardfork would impact transaction fees and speed. Specifically, it would result in faster transaction speeds and more predictable fees.

How key metrics have trended on the Shiba Inu L2

A review of the transaction metrics on Shibarium revealed that the total transactions on the Shiba Inu L2 stood at approximately 416 million, with around 415.5 million completed transactions recorded.

Further examination indicated a recent slowdown in new transactions, except for a notable increase coinciding with the announcement of the hardfork, reaching over 23,000 on that day.

At press time, the number of new transactions stood at 4,837. 

Shiba Inu Shibarium new transactions

Source: Shibarium

There has been a flattening in the number of new accounts, with 32 new accounts recorded at the time of this writing.

Additionally, the count of active accounts has remained relatively low, with 977 active accounts reported.

Shiba Inu active addresses trends flat

Analysis of the seven-day active addresses for Shiba Inu did not reveal any significant trend. While there were active addresses within this timeframe, the pattern appeared to be normal.

As of press time, the number of active addresses stood at 30,000. The last notable surge occurred around March, when the number spiked to over 100,000.

The trends observed in both SHIB and Shibarium active addresses, along with other metrics, suggest that the recent hardfork had little impact on their activity levels.

Shiba Inu active addressesShiba Inu active addresses

Source: Santiment

SHIB’s negative trend continues

AMBCrypto’s analysis of the daily price trend of Shiba Inu revealed a negative trend over the last 48 hours.

The chart showed that the last notable positive trend occurred on the 3rd of May, coinciding with the day of the Shibarium hardfork.

Realistic or not, here’s SHIB market cap in BTC’s terms

On this date, SHIB experienced an increase in value of over 7%, reaching a trading price of around $0.0000244. 

Shiba Inu price trend Shiba Inu price trend

Source: TradingView

However, as of this writing, it was trading at around $0.000241, reflecting a decline of approximately 1.8%. The previous trading session also concluded with a decline of over 1%.

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