According to U.Today, Shibarium, the second-layer blockchain solution for Shiba Inu, has seen a surge in transaction fees in the past 24 hours. Shibariumscan shows that gas commissions paid in BONE, the native token of the Shiba Inu ecosystem, have soared 500%, from 12 BONE to 61.47 BONE. Shibarium uses BONE tokens to pay for transfer fees for Shiba Inu tokens. Each transaction burns SHIB tokens, and a portion of the BONE transaction fees are converted into SHIB tokens and sent to the death wallet.
The surge in Shibarium fees can be attributed to several factors, primarily increased network activity. As the Shiba Inu token gains popularity amid market volatility and increased investor interest, so does the demand for transactions on the Shibarium network. Further evidence of the surge in online activity is the significant increase in the number of active accounts, which also surged 211% in 24 hours, from 1,724 to 3,650. It is worth noting that the number of new accounts has not increased, but has declined. This suggests that the surge in activity is primarily coming from existing accounts rather than new users.
This surge in transaction fees and network activity raises important questions about the future trajectory of Shiba Inu’s network and token. Does this surge in fees portend a further increase in activity within the Shiba Inu ecosystem? How will Shibarium adapt to growing demand while maintaining efficiency and scalability? Additionally, what implications does this surge have for SHIB and BONE, especially given the general crypto market chaos where bearish investors appear to have the upper hand?
