Shibarium Activity Slides 94% in a Day as Network Reset Gets Underway

Shiba Inu's layer-2 network Shibarium has entered a reset phase after a steep drop in visible on-chain activity, a move tied to ongoing infrastructure upgrades and backend reorganization. Network data shows Shibarium logged 557 transactions in the past 24 hours, down from 10,940 recorded on March 26—a decline of about 94%. The fall has sparked attention across the crypto market, but it does not necessarily signal a collapse in real usage. A large share of recent activity appears to be automated, system-level processing rather than user-initiated wallet transfers. Many entries are marked "Value 0 BONE," suggesting internal operations meant to support the upgraded stack instead of token movement between participants. The Shibarium explorer is also being rebuilt following the latest upgrade. Current figures indicate only 86% of blocks have been indexed, leaving some activity temporarily missing from public records. Incomplete indexing is likely distorting on-chain metrics during the transition, as backend systems synchronize and recalibrate how data is surfaced. Market conditions are also shaping sentiment around SHIB. The broader crypto market has remained in a consolidation range since early February, keeping overall momentum muted even as some traders rotate into altcoins. As of writing, SHIB slipped 0.94% over 24 hours to $0.00000583. Trading volume rose 9.5% to $78.77 million, pointing to modest participation despite subdued conditions. The recent dip in Shibarium's visible transaction count reflects a reset tied to infrastructure work. As indexing approaches completion, reported transaction data is expected to normalize and provide a clearer view of network activity.