Shibarium, the layer 2 network of the Shiba Inu ecosystem, has seen a massive increase in transaction fees over the past 24 hours. According to data from Shibariumscan, the total number of BONE tokens used as gas fees has risen from 15.67 to 317, a staggering 2,024% increase.
For those who don't know, BONE is the native token in the ecosystem around the meme-inspired cryptocurrency Shiba Inu, and is used as fuel for transactions on the Shibarium network.
In addition to covering transaction fees, BONE plays an important role in the burning process of the native Shiba Inu token (SHIB). Whenever a transaction is processed on the network using BONE as a fee, a portion of it is converted to SHIB and sent to the burning wallet, contributing to the inflationary nature of the SHIB token.
Shibarium Height
This increase in fees appears to be linked to a significant increase in the number of transactions on the network. The total number of transactions increased by 70% in just 24 hours, from 4,537 to 7,715. The number of active accounts on the Shibarium network also grew by 157.14%, rising from 42 to 108 accounts during the same period.
With the growing interest in the Shibarium network, it is no surprise that usage of the network has increased. However, the sudden rise in transaction costs has raised questions in the Shiba Inu community about the long-term sustainability of the network.
