Shibarium, the network breaking records… but without real users

Shibarium, the Shiba Inu blockchain network, recently made headlines with a soaring 300% increase in its daily transactions. At first glance, this surge might suggest massive adoption. Yet, a deeper analysis reveals a very different reality: most of these crypto transactions have no economic value. Why?

300% increase in transactions on Shibarium: the illusion of success

Shibarium has recently recorded an impressive 300% increase in its daily transactions, reaching 3,430 transactions per day. With a cumulative total exceeding 1.19 billion crypto transactions, these numbers might suggest a blazing adoption of the network. At first sight, such growth seems to indicate a growing interest in Shiba Inu and its ecosystem.

However, a deeper analysis reveals that most of these transactions involve no transfer of economic value. Indeed, they often show a value of “0 BONE”, the network’s native crypto. These transactions are mainly technical operations, such as smart contract calls or automated validations, rather than user exchanges.

Crypto: why these transactions on Shibarium do not reflect real adoption

The transactions observed on Shibarium, while essential for the network’s crypto operation, do not generate direct economic value for Shiba Inu. They are often automated and do not reflect usage by end users. Indeed, the absence of BONE transfer in these transactions means they contribute neither to the network’s liquidity nor to its practical utility. So how to evaluate the true health of a network?

The risks are real because an overly optimistic interpretation of these figures could lead to investment decisions based on misleading indicators. To avoid this, it is crucial to focus on more relevant metrics. Specifically: 

• The number of active addresses;
• The volume of transactions with real economic value;
• The development of decentralized applications on the network.

Shibarium perfectly illustrates the challenges posed by blockchain metrics analysis. For investors and crypto enthusiasts, it is more important than ever to look beyond the raw numbers. In your opinion, is this transaction explosion on Shibarium just a technical phase or a precursor to future adoption of Shiba Inu (SHIB)?