Shibarium Transaction Volume Crashes After Brief Outage

Shibaroum, a layer 2 blockchain solution designed to enhance the Shiba Inu ecosystem, has witnessed a significant drop in daily transactions following a temporary outage on the network. The downtime which affected the platform operation and user engagement has sparked concerns about its capacity.

Shibarium Recovers, Comes Back Online

Meanwhile, a prominent developer in the Shiba Inu ecosystem, Kaal Dhairya, took to his platform on X (formerly Twitter) to address the problem and give major updates. According to him, the brief outage was caused by networking issues amongst Shiba Inu validators, responsible for validating transactions on the Shibarium network.

In addition, Dhairya stated that while the network is back online, other services including Shibariumscan, a dedicated Shibarium transaction tracker, and Remote Procedure Calls (RPCs) might take longer to come back up. Dhairya noted that steps have been implemented to resolve the issue and these services may remain down until the steps are fully implemented.

However, at the time of writing, Shibariumscan has been fixed and is up and running. In concluding his tweet, Dhairya urged any external team working on the infrastructure level for the Shibarium network to reach out in a bid to “streamline communications” through platforms like Slack and Telegram.

There was a temporary shibarium outage caused because of networking issues amongst the validators. Network is back up and running now, some services like shibariumscan or external RPCs can still remain down until the steps provided are implemented. If you’re an external team…

— Kaal (@kaaldhairya) April 22, 2024

Notably, this is not the first time Shibarium will experience downtime. After its launch and re-launch in August 2023, the network experienced an outage that caused it to move into private mode while developers worked tirelessly to fix it. Additionally, in September 2023, Shibariumscan experienced downtime while rerouting its domain to the ‘www’. This has created a wave of concerns and speculations among community members about the capacity of the network.

Shibarium Transaction Volume Crashes

The transaction volume on Shibarium has experienced a sharp crash following the brief downtime. According to data from Shibariumscan, the daily transactions now rest at 10.77k, representing a major drop from 121.9k transactions recorded the previous day. The total transactions on the network now stand at 417.2 million with almost 1.8 million wallet addresses connected.

In other news, to improve customers’ speed and accessibility, Shiba Inu has released a major update to its Shibarium user interface. With its redesigned UI, users can now access a wider range of wallets, such as Coinbase Wallet, MetaMask, and many more.

Shiba Inu (SHIB) Price Movement

Amid the downtime, the price of SHIB showed resilience, spiking by 1.8% over the last 24 hours. According to CoinMarketCap data, the coin is currently changing hands at $0.00002652. What is more, the activities surrounding the token as portrayed in its trading volume have dropped drastically by 41% to $857 million within the recorded time. Finally, SHIB occupies the #11 spot on the global crypto market chart with a live market cap of $15.6 billion.