Shibarium, the layer-2 blockchain for Shiba Inu, has experienced a significant increase in average transaction fees over the past 24 hours. According to Shibariumscan, the amount of BONE tokens used per transaction has risen sharply from 30.4 to 90.84.
BONE, the native token of Shiba Inu, is crucial for the ecosystem. It is used to pay transaction fees on the Shibarium network and helps burn SHIB tokens. Part of each BONE transaction fee is converted into SHIB and sent to a dead wallet, reducing the total supply and potentially increasing the token’s scarcity.
Shibarium Sees Surge in Transaction Volumes and Fees
The recent spike in transaction fees on Shibarium has coincided with a significant increase in transaction volumes. In just 24 hours, the number of transactions on Shibarium jumped by 54%, rising from 6,078 to 9,365. This sudden surge in activity has caught the attention of the community, prompting questions about the underlying causes and potential impacts on the Shiba Inu ecosystem.
The rise in transaction fees highlights increased network activity but also raises concerns about the cost of using Shibarium. Higher fees could discourage users from participating, potentially affecting the ecosystem’s growth.
The Shiba Inu community is closely monitoring these changes because they could impact the future of Shibarium and the BONE token’s role. It will be important for those involved in the Shiba Inu ecosystem to keep an eye on these developments.
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