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Following its launch by the Shiba Inu team back in August 2023, the Shibarium network has been subject to the highs and lows of the market. Despite coming from a team with a large community, the Ethereum Layer 2 network has struggled to stay relevant in the fierce competition among Ethereum Layer 2 networks. After the initial run fueled by the anticipation of the launch, the Shibarium network is dealing with low participation as new account numbers flatline.
New Accounts On Shibarium Fall Below 100
The new account metric tracks the total number of brand new accounts that are created on the Shibarium network daily. This is different from the total daily users as it only tracks new accounts and not existing accounts. It also helps to show the adoption rate as more new accounts signing up shows adoption is rising and the number falling means the opposite.
Presently, the Shibarium network is falling behind as the total number of new accounts signing up have fallen below the 100 mark. This comes after a major spike at the beginning of May 2025 when a total of 5,111 new accounts were created on May 6th alone.
Since then, the number has crashed by over 99%, dropping first to just above 200 new daily accounts, before bottoming out below 100. Data from ShibariumScan shows that in the last four days, fewer than 100 new accounts have been recorded daily.
This also coincides with a sharp decline in the active accounts on the network, going from over 21,000 daily at the start of May to less than 15,000% by the middle of the month. New transaction figures have also fallen with 1.87 million recorded on Tuesday compared to the 3 million average at the start of the month.
Shiba Inu Follows Bearish Trend
The trend of low adoption recorded on the Shibarium blockchain has also been felt in other areas such as the total addresses holding the Shiba Inu token. According to IntoTheBlock, the total addresses holding Shiba Inu have seen a decline over the last couple of days. This metric went from above 1.4 million to 1.39 million addresses. A small decline, but nonetheless pointing to an exit from the cryptocurrency by investors.
At the same time, the Shiba Inu price has also struggled to stay afloat at this time. Caught in a power struggle between the bears and the bulls, Shiba Inu has seen its price constrained to a tight range of $0.000014 and $0.000017. If the sell-offs continue, then the meme coin could break below the support currently being established at $0.000014.
Featured image from Dall.E, chart from TradingView.com
Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott’s dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.
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