According to data from Shibariumscan, Shibarium, the Layer 2 (L2) network of Shiba Inu (SHIB), has experienced a decrease in usage since the beginning of the year.
The metrics within the ecosystem that monitor user activity on the L2 network have been showing a downward trend since January 1st.
On the 25th of January, the number of active addresses conducting transactions on Shibarium reached its lowest point ever, with only 608 addresses, as reported by the on-chain data provider.
Since the beginning of the year, Shibarium's daily active addresses have decreased by 41% on a year-to-date basis. Additionally, AMBCrypto discovered that the number of new addresses being created daily on Shibarium has declined by 83% in the past four weeks, indicating a decrease in new demand for the network.
As a result, the daily number of new transactions carried out on the L2 network has experienced a decrease. On January 27th, the network recorded a total of 2.65 million new transactions.
This marked a significant decrease of 66% from the 7.84 million new transactions completed on the network a month ago.
Due to the decreased demand for Shibarium in the past month, the average transaction cost on the network has experienced a significant decline.
According to data from Shibariumscan, L2 users have not had to pay any BONE tokens for their transactions since December 27th.
On the 25th of January, the number of active addresses completing transactions on Shibarium reached its lowest point ever, with a daily count of only 608 addresses, as reported by the on-chain data provider.
Shibarium's daily active address has experienced a decline of 41% year-to-date (YTD).
Since the beginning of the year, the demand for the Shibarium network has significantly decreased. AMBCrypto's research revealed that the daily count of new addresses created on Shibarium has decreased by 83% in the past four weeks.
As a result, the daily number of new transactions completed on the L2 network has declined. On the 27th of January, the network recorded a total of 2.65 million new transactions executed.
This represents a significant decline of 66% from the 7.84 million new transactions completed on the network just a month ago.
The decreased demand for Shibarium in the past month has led to a substantial decrease in the average cost of completing a transaction on the network. Shibariumscan data indicates that L2 users have not been required to pay any BONE for their transactions since the 27th of December.
In the past month, SHIB's worth has decreased by 15%. Currently, based on CoinMarketCap data, the primary meme coin is being traded at a rate of $0.000009186.
Analyzing the coin's price movements on a daily chart reveals that it has been in a bearish cycle since December 28th, 2023. This shift occurred when the MACD line (blue) crossed below the trend line (orange) and has since maintained that configuration.
Currently, SHIB's MACD line is positioned below the zero line. When the MACD value falls below zero, it indicates that the short-term moving average is lower than the long-term moving average, suggesting negative recent momentum.
Reinforcing the negative trend in the SHIB market, the negative directional index (red) at 25.45 was notably higher than the positive directional index (green) at 14.61 as of the latest update.
With an average directional index (yellow) of 31.98, the coin's bearish trend appears to be robust, making it difficult for the bulls to overcome in the short term.
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