Shiba Inu’s Shibarium Faces Challenges as New Accounts Hit Record Lows

Since its introduction by the Shiba Inu team in August 2023, the Shibarium network has experienced significant fluctuations in the market. Even with backing from a prominent community, this Ethereum Layer 2 network has faced challenges in maintaining relevance amid the intense rivalry found among similar networks. Following an initial surge driven by launch excitement, Shibarium is now witnessing diminished activity, with the number of new accounts stabilizing at a low level.

New Account Numbers on Shibarium Drop Below 100

The metric for new accounts reflects how many fresh accounts are set up on the Shibarium network each day. This differs from total daily users as it focuses solely on newly created accounts rather than including existing ones. Tracking this metric provides insights into the platform’s adoption rate, with rising new account numbers indicating growing popularity, while a decline suggests the opposite.

Currently, Shibarium is lagging behind as the number of new accounts being registered has dipped below 100. This decline follows a notable peak in early May 2025, where 5,111 new accounts were registered in just one day, on May 6th.

Since that high point, the figures have plummeted by over 99%, first decreasing to just above 200 new daily accounts before falling below 100. Data from ShibariumScan reveals that in the past four days, fewer than 100 new accounts have been added each day.

This trend aligns with a significant drop in active accounts, which has decreased from over 21,000 daily at the beginning of May to less than 15,000 by mid-month. The volume of transactions has also reduced, with 1.87 million transactions recorded on a recent Tuesday, compared to the monthly average of 3 million.

Shiba Inu Reflects Bearish Sentiment

The low adoption rates witnessed on the Shibarium blockchain are also evident in the overall addresses holding the Shiba Inu token. Recent data indicates a reduction in addresses containing Shiba Inu, decreasing from just over 1.4 million to 1.39 million. While this is a modest decline, it highlights a trend of investor withdrawal from the cryptocurrency.

In parallel, the price of Shiba Inu is also struggling to maintain stability. Caught in a tug-of-war between bears and bulls, the coin’s price has been confined within a narrow range of $0.000014 to $0.000017. Should the selling pressure persist, there is a risk that it could dip below the support level currently established at $0.000014.