The surging number of accounts on Shiba Inu’s (SHIB) Shibarium layer-2 network doesn’t seem to be helping its price. As reported on Shibariumscan, active Shibarium accounts have soared 55.35%, with 116 new accounts being added daily and the total number of new addresses surpassing 1.25milion. Despite seeing a rise in its network, SHIB’s price has still centrally declined, dropping around 53% since it hit its yearly peak in February. Conversely, cryptocurrencies such as Bitcoin (BTC) and Solana (SOL) have experienced a growth of 60% and 120% respectfully.
Although optimism briefly surged, transferring 1 trillion SHIB tokens to exchanges, estimated at $6.88million, may have further impacted SHIB’s good fortunes. And it doesn’t end there – IntoTheBlock’s analysis reflects a decline of 0.21% in the asset’s network growth with decrease of large transaction and 91% of SHIB holders losing money.
General reports suggest that Shiba Inu (SHIB) could be looking at even more bleak times ahead as investor appetite and price recovery looks grim. For what could be the dog-themed crypto’s resurrection, at this point it remains to be seen.