Shiba Inu: Shibarium Transactions Plunge 88%, What’s Behind It?

Shiba Inu Layer-2 blockchain Shibarium saw an unexpected drop in transactions, which fell from 10,940 to 1,230, representing an 88.3% decline in the last 24 hours.

On March 26, Shibarium saw a sudden comeback in transactions after remaining largely below 2,000 since February, surging as much as 300%, which was reported by U.Today.

However, this rise was not sustained as the transaction surge was quickly reversed, with Shibarium returning to its previous baseline, falling below 2,000.

It was observed that recent transactions had the label “Value 0 BONE,” being contract calls rather than direct wallet transfers. This same scenario also presented when Shibarium transactions rose on the previous day, sparking curiosity.

While the exact reason for the transaction drop remains unknown, sentiment dropped in the market, with most cryptocurrencies returning into losses as traders turned defensive.

The fact that the Shibarium blockchain, alongside its explorer, is undergoing an infrastructure upgrade also remains crucial to consider.

A total of 84% of blocks indexed on Shibarium explorer

Shibarium recently saw a major server migration while a full chain reindexing is ongoing and is not yet completed.

The Shibarium explorer sync is tending toward completion, with 84% of blocks now indexed. The Shibarium explorer is rebuilding from scratch, so the current data is partial only.

This does not, however, mean a slowdown for Shibarium as the indexing delay only affects its explorer, with the blockchain remaining intact.

The Shibarium network continues to run steady following its RPC migration; metrics on Shibariumscan remain below the real count, given an incomplete indexing.

The focus on Shibarium testnet Puppynet has shifted to Layer-3 with the Shib Alpha and ShibClaw development in progress. A new L3 explorer went live on March 21 for early testing.

At the time of writing, SHIB was up 0.85% in the last 24 hours to $0.000005813. Shibarium gas token Bone ShibaSwap (BONE) was up 1.22% in this time frame, trading at $0.06.