The Shiba Inu blockchain, Shibarium, has experienced a significant decline in activity over the past 24 hours. According to data from Shibariumscan, transaction fees collected on this layer-2 blockchain have plummeted by 52%, falling from 46.5 BONE to 22.33 BONE.

For those not deeply familiar with the Shiba Inu ecosystem, it's important to note that Shibarium facilitates the transfer of Shiba Inu tokens, with BONE tokens used to cover transaction fees. Specifically, each transaction contributes to the burning of SHIB tokens, with a portion of the BONE transaction fee being converted to SHIB tokens and sent to a burning wallet.

The drop in fees on Shibarium correlates with a decrease in transaction activity on the Shiba Inu blockchain. In the past 24 hours, the number of transactions on Shibarium fell from 9,181 to 4,751. Additionally, the number of active accounts interacting on the network decreased from 1,077 to 616.

This data highlights a broader decline across the Shiba Inu network. The reasons behind this drop are unclear. It appears that current market participants, including Shiba Inu enthusiasts, are not finding enough opportunities or interest in actively participating in Shibarium at this time.

The crypto economy is highly dependent on attention and engagement. The recent decline suggests that the Shiba Inu network and the ecosystem surrounding this popular meme-inspired cryptocurrency are not currently capturing sufficient interest.

This significant downturn in key metrics raises questions about the future engagement and activity within the Shiba Inu ecosystem, indicating a need for renewed interest or innovation to reinvigorate participation.