While the Shiba Inu developer team continues to work on and implement key updates to the Layer-2 blockchain, Shibarium is seeing a significant drop in transaction volume, which has been ongoing for about a month.

This has correlated with a drop in the SHIB burn rate, which is currently negative.

Shibarium Transaction Volume Plummets Despite Recent Surge in Large SHIB Transfers

According to publicly available statistics from the Shibariumscan explorer, transaction activity on the Layer-2 blockchain of the popular meme cryptocurrency Shiba Inu, Shibarium, has remained low. For nearly a month, the drop has been staggering—nearly 100%, U.Today reported.

This increased activity is consistent with on-chain statistics, which shows that in the last 24 hours, there were 86 significant transactions worth around 1.14 trillion SHIB. This spike represents a huge rise from the seven-day low of 14 transactions to the seven-day high of 378 transactions.

Similarly, the volume of these huge transactions increased to 1.14 trillion SHIB in the last 24 hours, compared to the seven-day peak of 9.6 trillion SHIB and the seven-day low of 415.2 billion SHIB.

SHIB's Symmetrical Triangle Pattern Hints at Imminent Breakout Amid Increased Whale Activity

SHIB has been trading in a symmetrical triangle pattern, which indicates market indecision. The current increase in whale transactions and big transfer volumes could signal an upcoming breakout or substantial price change. However, SHIB's price has been reasonably constant, ranging about $0.00002450, with resistance at $0.000025 and support at $0.00002234.

Given the lack of volatility in the Shiba Inu market, the most plausible rationale for those transactions is that whales and institutional investors are repositioning their portfolios, or that exchanges are planning for future market occurrences.

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