Shibarium Sees 44% Transaction Surge but SHIB Prices Remain Flat

Shibarium, the layer 2 blockchain built by Shiba Inu, experienced a notable increase in daily transactions on May 19. With a 44% surge from 842 to 1,260 transactions, the network showed signs of growth. However, this uptick has not yet translated into significant momentum for the broader Shibarium network.

The recent activity is still below the peak of 7,400 transactions seen on April 19. Since then, the transaction count has remained largely between 700 and 3,000, with no visible signs of acceleration. The fees on the network have also been minimal, with contract calls attracting a fee of 0.00001 BONE.

The Shibarium chain underwent reindexing in recent months, resulting in explorer statistics falling below actual counts. This has led to uncertainty about whether the stall in network activity is due to ongoing adjustments or an actual slowdown.