Shibarium Network New Account Creation Falls Below 100

Following its launch by the Shiba Inu team back in August 2023, the Shibarium network has been subject to the highs and lows of the market.

The Shibarium network has been slow to gain traction despite the hype surrounding its launch. New account creation rates have plummeted drastically, signaling low participation in the ecosystem.

Shibarium, the Layer 2 network powered by Shiba Inu, has seen a significant decline in new account registrations. According to data from ShibariumScan, the network has been tracking an average of fewer than 100 new accounts every day for the past four days.

This marks a sharp decrease from the initial spike in May, where the network recorded 5,111 new accounts on May 6 alone.

Shibarium Network Activity Drops

The new account metric is an indicator of adoption, with a higher number suggesting rising adoption and vice versa.

Presently, Shibarium is encountering low participation, evidenced by the flatlining new account numbers.

Further analysis reveals that the active accounts on Shibarium have also decreased from over 21,000 daily at the beginning of May to less than 15,000 by mid-month.

Additionally, the new transaction figures have seen a decline, with 1.87 million transactions recorded on Tuesday compared to the average of 3 million at the beginning of the month.

Shiba Inu Follows Bearish Trend

The lack of adoption on the Shibarium blockchain is also affecting other areas. According to IntoTheBlock, the total addresses holding Shiba Inu have seen a slight decrease over the last couple of days. This metric went from above 1.4 million to 1.39 million addresses.

At the same time, the Shiba Inu price has been caught in a struggle between the bears and bulls, leading to a limited price movement within a specific range. The price has been oscillating between $0.000014 and $0.17. However, if the sell-offs continue, then the meme coin could break below the support currently being established at $0.0