Shibarium, Shiba Inu's layer 2, has become noticeably quiet, with daily transactions flattening even as the broader cryptocurrency market tries to regain momentum.
According to Shibariumscan data, there has been no visible increase in daily transactions since June 17's high of 37,730.
Shibarium experienced a strong increase in activity, reaching a transaction total of 37,730 on June 17; however, this was followed by a sharp drop, with daily transactions returning to the baseline level where they had been since May.
In the last 24 hours, Shibarium only netted 748 transactions. Broadly speaking, Shibarium activity has eased compared to the peaks seen during previous periods of ecosystem excitement. Transaction counts and user engagement have decreased, indicating a cautious sentiment among participants as traders generally await the next market catalyst.
Until then, Shibarium seems to be in a consolidation phase rather than a period of rapid growth. While decreased on-chain activity may disappoint traders seeking explosive surges, the network appears to be quietly building behind the scenes, highlighting hopes of a comeback.
Shiba Inu awaits catalyst
Shiba Inu fell to a low of $0.00000405 over the weekend, touching this key level twice on Thursday and Friday.
At the time of writing, SHIB was trading at $0.000004212, down 0.72% in the last 24 hours and nearly 10% on the week, per CoinMarketCap data, even as the second quarter approached its end.
The market has spent the week following Bitcoin's lead while everything riskier fell faster. The weekend marks the end of a weak first half, with just two days to go.
Traders will watch into the third quarter for a potential reversal or whether the weakness that has run through previous quarters carries into the third.
The positive sign for SHIB is the quiet increase in its holder base, which suggests long-term interest in SHIB remains intact despite the slowdown in ecosystem activity.
As reported, Shiba Inu is closing in on 1.6 million on-chain holders, having recorded its largest daily holder increase in June in the week just concluded.
