Forget Cardano, Why Shiba Inu’s Shibarium Is The Real Ghost Chain

Shiba Inu’s effort to grow beyond being a meme coin is ￰0￱ blockchain network, Shibarium, was created to bring real use and value to the project, but it has not gained much attention or ￰1￱ interest and user engagement are very low, and the network’s overall growth has slowed down ￰2￱ network issues, including technical troubles and security problems, have made things ￰3￱ users have left, and new projects are not ￰4￱ a result, Shibarium now shows very little activity, leading many in the crypto community to call it a “ghost chain.” Shiba Inu’s Struggle To Evolve Beyond A Meme Coin Shiba Inu tried to change its image from a simple meme coin into a real blockchain project capable of competing with other ￰5￱ team launched Shibarium, a layer-2 blockchain, in 2023 to help make this move.

However, this plan has not worked as expected, with Shibarium failing to attract developers, projects, or users and gaining no market ￰6￱ Reading: XRP At $1,000 Is Peanuts If Used To Clear US National Debt; Pundit Explains According to data from DeFi Llama, Shibarium has only 18 developers since it ￰7￱ is a much lower number than on other blockchains, which have hundreds or even thousands of active ￰8￱ total value locked (TVL) on the network, which shows how much money people have invested in it, has fallen to just $878,000. Shibarium has also failed to attract any stablecoins, which are among the most widely used tokens in decentralized ￰9￱ a single stablecoin project has deployed on the network, reflecting Shibarium’s lack of presence in one of the most critical areas of the crypto ￰10￱ newer and more active layer-2 networks like Base, Arbitrum, Plasma, and Linea have already moved far ahead, leaving Shibarium ￰11￱ And The Decline Of Shibarium Network Activity Things got worse for the network when ShibaSwap, the most popular decentralized app (dApp) on the Shibarium network, was recently ￰12￱ attack eroded user confidence and forced developers to pause a key bridge connecting Shibarium to other ￰13￱ with the bridge now active, most of the network’s activity ￰14￱ users could not move their tokens or use apps, making the network almost entirely ￰15￱ Reading: Here’s Why The XRP Price Still Isn’t Bearish Despite The 50% Flash Crash Because of this drop in network activity, Shibarium is no longer helping burn SHIB tokens.

Typically, a portion of network transaction fees goes toward buying and burning Shiba Inu tokens, helping reduce supply and support the token’s ￰16￱ now, with very few transactions, the burn process has slowed down ￰17￱ decline in users, developers, and activity are indicators that Shibarium’s dream of becoming a strong, useful blockchain has not come to ￰18￱ of growing into a central crypto platform, it has become what some would call the real ghost ￰19￱ image created with Dall. E, chart from ￰20￱