Shiba Inu’s Shibarium Struggles As New Accounts Crash To Fresh Lows

NewsBTC
Updated
Mitrade
coverImg
Source: DepositPhotos

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.

Shibarium new accounts

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.

Shiba Inu holders

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.

Shiba Inu price chart from TradingView.com

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
Ethereum’s rally above $3,100 fuels double-digit gains in Ethereum Name Service, bulls target $30The Ethereum Name Service, an Ethereum-based identity layer, has posted a double-digit rise in the last 24 hours.
Author  FXStreet
1 hour ago
The Ethereum Name Service, an Ethereum-based identity layer, has posted a double-digit rise in the last 24 hours.
placeholder
Bitcoin Joins The Big Banks: Standard Chartered Rolls Out Spot TradingStandard Chartered has become the first big bank to launch spot trading for Bitcoin and Ethereum, a major milestone for cryptocurrency adoption.
Author  Bitcoinist
7 hours ago
Standard Chartered has become the first big bank to launch spot trading for Bitcoin and Ethereum, a major milestone for cryptocurrency adoption.
placeholder
$3.7 Billion Pours In as Bitcoin Rivalry With Gold Heats UpCrypto asset investment products have recorded another significant milestone, with weekly inflows totaling $3.7 billion, according to CoinShares’ latest report released Monday.
Author  Bitcoinist
Yesterday 08: 22
Crypto asset investment products have recorded another significant milestone, with weekly inflows totaling $3.7 billion, according to CoinShares’ latest report released Monday.
placeholder
Bitcoin Price Retreats After Hitting ATH — Bulls Pause for BreathBTC traded to a new high above $120,000 and recently started a downside correction.
Author  FXStreet
Yesterday 03: 57
BTC traded to a new high above $120,000 and recently started a downside correction.
placeholder
Bitcoin Retreats After Hitting Record High — Drops Below $120KBitcoin (BTC) reversed sharply after reaching a new all-time high of $123,218 the previous night.
Author  TradingKey
Yesterday 01: 53
Bitcoin (BTC) reversed sharply after reaching a new all-time high of $123,218 the previous night.
Real-time Quote