Shibarium, the layer-2 blockchain solution for Shiba Inu, has seen a big jump in average transaction fees over the past 24 hours. Data from Shibariumscan shows that the amount of BONE tokens spent per transaction has shot up from 30.4 to 90.84.
BONE, the native token of Shiba Inu, plays a vital role in the ecosystem. It covers transaction fees on the Shibarium network and contributes to the burning of SHIB tokens. Each BONE transaction fee is partly converted into SHIB and sent to a dead wallet, reducing the total supply and potentially increasing the token's scarcity.
Tomiwabold OlajideThis big increase in fees comes at the same time as a surge in transaction volumes. In just 24 hours, the number of transactions on Shibarium shot up by 54%, jumping 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, affecting the ecosystem's growth.
Arman ShirinyanThe Shiba Inu community is keeping a close eye on these changes because they could affect 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.
Vladislav Sopov
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya