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▲ Shiba Inu (SHIB), Bear Market / AI Generated Image
Shibarium, the Layer-2 blockchain for Shiba Inu (SHIB), is raising questions about its network utility after recording low transaction activity and virtually zero fees in the past 24 hours.
U.Today reported on May 5 that the Shibarium network processed a total of 1,002 transactions over the past day, with total transaction fees amounting to just $0.0017. According to data released by ShibariumNet, network fees for the same period were tallied at 0.03 BONE.
The simultaneous decline in transaction count and fees indicates that while network activity has not completely ceased, it is not translating into meaningful economic throughput. Recent transactions displayed on Shibariumscan show a value of 0 BONE and were described as automated contract calls supporting Shibarium's new infrastructure, rather than direct wallet-to-wallet transfers.
This sharp drop in fees coincides with the Shibarium explorer normalizing data after a network reset. Shibarium re-indexed the entire chain to improve network processing capabilities. A slowdown in transaction activity was also observed during this process.
Shibarium's transaction count decreased from 3,010 on April 30 to 1,200 on May 4, a 60.13% reduction. U.Today stated that the figures of 1,002 transactions and $0.0017 in fees over the recent 24-hour period reflect the quiet state of the Shibarium network.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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