u.today
The Shiba Inu cryptocurrency community faces a sobering reality as the Shibarium bridge hits its lowest point since its activation in terms of new daily transactions.
Meanwhile, the SHIB token is now on the cusp of falling below Bitcoin Cash (BCH) by market capitalization.
A look at Shibarium's underwhelming numbers
On Aug. 28, Shibarium became functional after a turbulent launch mired by technical issues that attracted some ridicule within the broader cryptocurrency community. It promised a new era of efficiency for the SHIB army, which had been eagerly anticipating the much-hyped layer-2 solution for well over a year.
Yet, recent data shows a steep decline in user engagement, with the network's activity plummeting to levels not seen since its initial days of operation.
The data provided by the Shibarium explorer shows that the network is struggling to maintain its initial momentum.
On Nov. 6, Shibarium recorded a minuscule 9,740 transactions. They represent a fraction of the bustling activity observed at the network's peak on Sept. 11, when Shibarium transactions soared to over 202,000 in a single day.
As of now, the network hosts a total of 29.37 thousand accounts and 1.261 million addresses.
A total of 3.671 million transactions were completed across the network, and it will likely take Shibarium more than a whole month to hit the hotly-anticipated 4 million milestone.
This downturn has not been ignored by some members of the community who now view the lawyer-2 solution as a failure.
Shiba Inu's market position hangs by a thread
The market position of Shiba Inu (SHIB) is now on thin ice, with its market capitalization threatening to slide below that of Bitcoin Cash (BCH)—a cryptocurrency that many view as being on its last legs.
Currently, SHIB is priced at $0.00000809, with a market cap of approximately $4.76 billion, It is just above BCH, which occupies the 20th spot with a market cap of around $4.70 billion, according to CoinGecko data.