Shiba Inu's Layer-2 blockchain, Shibarium, has experienced a dramatic 94% drop in daily transaction activity as it undergoes a major infrastructure reset and full backend reindexing. Over the last 24 hours, the network recorded only 557 transactions, a stark decline from the 10,940 transactions seen on March 26.
The plunge is attributed to a significant upgrade and the ongoing reconstruction of the Shibarium explorer from scratch. Currently, only 86% of blocks have been indexed, meaning the publicly visible data is incomplete and does not yet reflect the full scope of network activity. Most of the recent transactions are system-level, automated contract calls labeled "Value 0 BONE," indicating they are internal operations supporting the new infrastructure rather than user-driven token transfers.
The Shibarium network itself remains operational, and developers emphasize that the low transaction count is a temporary artifact of the synchronization and recalibration phase. This reset is part of broader scaling efforts to strengthen the infrastructure for anticipated future growth.
Amid this technical transition, the price of SHIB has seen a modest decline, falling 0.94% in the last 24 hours to $0.00000583. Trading volume saw a slight increase of 9.5% to $78.77 million, but overall market sentiment remains cautious, with the broader crypto market in a consolidation phase since early February.
