Shiba Inu: Shibarium Sees Sudden 758% Transaction Drop, What's Behind?

Shiba Inu layer two, Shibarium, saw a transaction drop in the last few days as indicated by Shibarium explorer, Shibariumscan. The transaction count on the network fell from 7,420 on April 18 to 864 on April 21.

The transaction drop follows as Shibarium seeks to normalize after recent upgrades both to the network and the explorer.

Shibarium recently moved its servers and re-indexed the entire chain in order to improve network capacity, data processing speed, and overall stability. During the upgrade, the Shibarium block explorer was rebuilt from the ground up, and synchronization steadily progressed from 45% to 100%.

While the re-indexing was underway, the Shibarium explorer showed significantly lower figures than what they were in actual on-chain reality. Now that indexing is done, resetting the explorer should show Shibarium's real activity.

Once this is done, accurate transaction data, NFT, token balances, and wallet information will be shown. As the explorer data normalizes, Shibarium's true level of network activity is anticipated to become far more visible, with transaction volume and other key metrics returning to their actual levels.

SHIB price

Cryptocurrencies jumped alongside equities on Wednesday, as macro sentiment bolstered market confidence. The altcoin market was also in green as broader optimism swept across the market.

At the time of writing, Shiba Inu was up 2.65% in the last 24 hours to $0.000006226 and 5.45% weekly. The dog coin is extending its rebound from Sunday's low of $0.00000587 into the third day.

Overall crypto futures open interest (OI) has increased by 5.69% in the last 24 hours to $127.4 billion, according to CoinGlass data.

Notably, OI increased across major cryptocurrencies, suggesting renewed capital inflows and rising demand for leverage. An increase in crypto futures activity might also suggest scope for further market gains.