Gas prices on Shiba Inu's Shibarium have skyrocketed an astonishing 2,050% in just two days, marking a significant shift in the token's network dynamics. The surge in gas fees, which now account for 60% to 70% of the gas limit, coincides with a spike in SHIB token burn rates, with over 182 million coins destroyed within a single day.
The Shibarium Network developers have confirmed that all transactions on the upcoming Layer-2 blockchain will burn SHIB tokens and exclusively utilize BONE for gas fees. This development aims to increase transaction speed, reduce costs, and enhance the overall investor experience within the Shiba ecosystem.
According to xFund Validator Ringoshi, gas fees on Shibarium could potentially be as low as $0.02 per transaction, a significant reduction compared to current rates. This projection suggests that Shibarium's gas fee model could make transactions more affordable and accessible for users, encouraging wider adoption of the platform.
