According to U.Today, the Shiba Inu ecosystem's Shibarium network has experienced a significant increase in activity, as indicated by a 60% rise in a crucial blockchain metric over the past 24 hours. Transaction volume on the network has jumped from 5,150 to 7,930, leading to a sharp increase in network fees. The BONE tokens used to pay these fees have also doubled, from 16.68 BONE to 32 BONE during the same period.
In the Shibarium transaction model, BONE tokens are used for transaction fees, and a portion of these tokens is converted into SHIB tokens, which are then burned. This process reduces the circulating supply of Shiba Inu tokens, potentially increasing their value over time. The recent market volatility has sparked investor interest in Shiba Inu tokens, leading to a surge in transaction demand on the Shibarium network.
This increased activity is also reflected in a 13.7% rise in active accounts on the network, from 687 to 781. Interestingly, while the number of active users has grown, the creation of new accounts has slightly decreased. This suggests that the existing user base is primarily driving the surge in network activity.
The combination of rising transaction volumes and the systematic reduction of SHIB tokens through burning appears to be fueling the network's growth and potential for future value appreciation. This trend is likely motivating SHIB enthusiasts to stay engaged and continue investing in the Shiba Inu network.