Shibarium Faces Transaction Spike and Sudden Drop: What’s Behind It?

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The Shibarium blockchain, a layer-2 rollup solution built for Shiba Inu (SHIB) enthusiasts, experienced another day of unusual volatility in its metrics. Shibariumscan, a data tracker for the network, reported a massive 99% drop in transaction volume over the past 24 hours, falling from 699,688 transactions to just 6,540. This comes just days after the platform recorded an unprecedented 4.67 million transactions on Saturday.

Transaction Spike Raises Questions About Data Accuracy

The recent fluctuations have raised questions about the accuracy of Shibarium’s transaction data. Over the weekend, despite millions of recorded transactions, Shibarium’s active accounts did not exceed 6,000. Yesterday, that number dropped to 927.

Analysts question whether these figures accurately reflect Shibarium’s usage, considering the discrepancies between transaction volume and active account numbers. Adding to the puzzling trends, the average BONE token expenditure on gas fees per transaction skyrocketed by 2,000% in the last day.

_{Source: Shibariumscan}

Possible Causes Behind Shibarium’s Wild Swings

Experts point to a few possible causes for Shibarium’s erratic activity. One theory is that the data provided by Shibariumscan, which relies on Blockscout, may not be fully reliable. In the blockchain industry, inconsistencies in data from third-party providers are not uncommon. Another possible explanation is that Shibarium itself could be facing internal issues, causing fluctuations in transaction activity and account numbers.

Uncertainty surrounds Shibarium’s actual level of activity. With Shibarium still relatively new, the true extent of its functionality and adoption remains unclear. According to DefiLlama, the total value locked on Shibarium’s blockchain sits at around $6.23 million.