Shibarium has seen a sharp drop in on-chain activity. Data cited in the source shows the Layer 2 network tied to the Shiba Inu ecosystem falling from a recent daily transaction peak of 37,730 to just 748 in the last 24 hours, wiping out the brief burst of momentum seen in mid-June and returning activity to levels last observed in May.
User participation has also weakened alongside the decline in transaction count. The report describes recent conditions on Shibarium as flat, with network usage failing to match the enthusiasm that surrounded the ecosystem in earlier periods. For now, the market appears to be waiting for a new catalyst.
Network usage cools after a short-lived spike
Shibarium was built as a faster and lower-cost Layer 2 solution for the Shiba Inu ecosystem, but the latest figures point to softer demand on the network. After a temporary surge, transaction activity faded quickly. That shift has put the focus back on how much sustained usage the network is actually generating.
The source also frames the change as more than a one-day move. Activity has flattened out, and there is no clear sign of steady growth in the latest stretch. For projects closely tied to ecosystem expansion, those readings can weigh heavily on sentiment.
SHIB price remains under selling pressure
Price action has also stayed weak. Over the weekend, SHIB slipped to $0.00000405, testing that level twice between Thursday and Friday. At the time of writing, the token was trading at $0.000004212, down 0.72% on the day and about 10% over the week.
According to the source material, Bitcoin continued to set the tone for the broader crypto market during the week, and higher-risk assets were hit harder. SHIB was part of that group as traders moved carefully near the end of the second quarter.
Holder count still trends higher
Not every signal in the Shiba Inu ecosystem is negative. On-chain data shows the number of wallets holding SHIB continuing to climb, with the project nearing the 1.6 million holder mark. The strongest daily increase in wallet numbers was recorded just last week.
That creates a contrast with the weak transaction data: short-term engagement on the network has slowed, but the holder base is still expanding. Attention now turns to whether Shibarium can recover lost transaction volume and whether SHIB can deliver a stronger performance in the third quarter.