According to the latest data, Shibarium, the Layer-2 blockchain solution for Shiba Inu, experienced a surge in transaction fees over the past 24 hours. Thus, Shibariumscan reveals that gas commissions paid in BONE, the native token of the Shiba Inu ecosystem, skyrocketed by a whopping 500%, soaring from 12 BONE to an astounding 61.47 BONE.
Shibarium facilitates transfers of Shiba Inu tokens, utilizing BONE tokens to cover transaction fees. Notably, each transaction contributes to the burning of SHIB tokens, with a portion of the BONE transaction fee being converted into SHIB tokens and sent to the dead wallet.
The surge in fees on Shibarium can be attributed to several factors - primarily heightened network activity. With the recent surge in popularity of Shiba Inu tokens amid market volatility and heightened investor interest, the demand for transactions on the Shibarium network has surged.
Further validating this surge in online activity is the remarkable uptick in active accounts, which soared by a staggering 211%, catapulting from 1,724 to 3,650 within the same 24-hour window.
Intriguingly, while the number of new accounts did not witness a surge, it rather experienced a decline. This suggests that the surge in activity predominantly emerged from existing accounts, rather than newbies onboarding into the ecosystem.
What's next for Shiba Inu?
This surge in transaction fees and network activity raises important questions about the future trajectory of Shiba Inu's network and tokens.
Will this surge in fees foretell a further activity boost within the Shiba Inu ecosystem? How will Shibarium adapt to accommodate the growing demand while maintaining efficiency and scalability? Moreover, what implications does this surge have for SHIB and BONE, especially considering the chaos on the general crypto market, with bearish investors seeming to prevail?
Alex Dovbnya
Tomiwabold Olajide
Denys Serhiichuk
