Shibarium, Shiba Inu’s Ethereum-based Layer-2 scaling solution, has seen a very strong rebuttal to its transaction count days after recording an impressive feat in this regard. According to a previous report by U.Today, shibarium shot up to 43,690 on November 24 from 29,280 the previous day. However, current Shibarium Scan data shows that this figure has dropped to 15,680 at the time of writing.
The sharp drop underlines how Shibarium is still largely subject to unpredictable sentimental impulse. Prior to the uptrend that began on November 19, total transactions on Shibarium had remained relatively stable and below the 21,000 level. In the weeks leading up to the November 19 surge, the Shibarium transaction’s jump above 21,000 only occurred once, on October 31.
Since the launch of Shibarium in August, it has been a rollercoaster for the protocol, but with definite milestones to prove it.
Shibarium has skyrocketed past the milestone of four million total transactions, and this metric currently stands at 4,229,260 at the time of writing. The protocol has produced a total of 1,846,624 blocks and while this pales in comparison to its peers, it underlines its resilience and stability.
Is Shibarium fulfilling its mission?
The question of whether or not Shibarium is fulfilling its mission is a very risky one and requires a holistic analysis.
As a Layer 2 network, Shibarium is currently not on par with its main rivals, including Arbitrum, Polygon zkEVM, and zkSync, among others. However, as a protocol that gives identity to the Shiba Inu ecosystem, its presence has meant hope for SHIB and other associated projects.
Currently, decentralized applications are proliferating on Shibarium and to complement this, the core team of developers, led by Shytoshi Kusama, has promised more unique solutions that can add shine to the Shiba Inu protocol.
