The Shibarium network, an integral part of the Shiba Inu [SHIB] ecosystem, has hit 3 million transactions, yet the SHIB and BONE tokens are experiencing declines.
The Shibarium network, despite its transaction landmark, has seen a decrease in active accounts and daily new accounts over the past month. Shibarium had a total of 26,691 accounts at the time of reporting.
The report highlights that the number of active accounts, which stood at 1,015 a month ago, had fallen to 178. Furthermore, daily new accounts on the ecosystem had dropped to 17.
Concurrently, new transfers of BoneShibaSwap [BONE], the token with voting functionality on the Shiba Inu network, have dropped significantly from 7,482 on September 24, to 727 on October 8.
Another metric, the 30-day weighted sentiment for SHIB, which combines positive and negative comments about the asset, had also fallen into negative territory, suggesting an overall pessimistic view on the token.
Additionally, data from Santiment revealed a decrease in the total number of Shiba Inu holders, down to 1.33 million, indicating that nearly 100,000 SHIB holders had sold off their tokens.
BONE’s 30-day active addresses also decreased significantly from 26,200 on September 9, to 11,300 at press time.
Despite the reduced activity on Shibarium and the decrease in circulating BONE tokens, there is speculation that the drop in supply could have a positive impact on price action, as selling pressure has been reduced.
Read Now: All-In-One Crypto Newsletter: Milkroad, Defiant, Messari, Bankless And CoinDesk