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▲ Shiba Inu (SHIB)
The transaction volume of Shibarium, Shiba Inu (SHIB)'s layer 2 network, surged by 44% in a single day, but overall network activity remains trapped in a long-term sideways trend, heightening investor anxiety.
According to the cryptocurrency media outlet U.Today on May 20 (local time), Shibarium's daily transaction volume increased from 842 on May 18 to 1,260 on May 19. While this increase could be a precursor to a larger movement, broad network activity is stuck in a flat trend, making it insufficient for now. Since Shibarium's transaction volume surpassed 7,400 on April 19, the layer 2 blockchain has not recovered to this level. Shibarium's transaction volume usually hovers between 700 and 3,000 without significant momentum.
BONE fees on the network remain minimal, and recent transactions are mostly contract calls triggering a fee of 0.00001 BONE. Over the past few months, the Shibarium chain has undergone re-indexing, which caused explorer statistics to appear lower than actual figures. Consequently, it is uncertain whether the stagnation in network activity is a phenomenon resulting from adapting to previous upgrades or due to an actual slowdown in activity.
As the enthusiasm in the futures market cooled, Shiba Inu's price also stagnated. The 24-hour trading volume in the cryptocurrency futures market decreased by 26.59% to $156 billion. Open interest remained stable around $127 billion, and liquidations decreased for two consecutive days, down 40% to $156 million. While several cryptocurrencies, including Shiba Inu, reversed upwards, futures open interest decreased. This suggests that traders are reducing risk rather than chasing rebounds amidst mixed altcoin performance. Shiba Inu reversed the previous day's decline, trading slightly up 0.10% over 24 hours at $0.000005744.
Market attention is focused on the April Federal Open Market Committee minutes, which will be released late on Wednesday. Earlier, the Fed froze the federal funds rate between 3.5% and 3.75%, but the committee was split 8 to 4. This represents the most severe division of opinion within the rate-setting committee in 30 years.
*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*
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