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300% Spike in Shiba Inu Token Transaction Fees Stuns Shibarium

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Wed, 12/06/2024 - 15:41
300% Spike in Shiba Inu Token Transaction Fees Stuns Shibarium
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Shibarium, the layer-2 blockchain solution for Shiba Inu, has seen a massive 300% increase in average transaction fees over the past 24 hours. According to the latest data, the average amount spent per transaction in BONE, the native token of the Shiba Inu ecosystem, increased from 0.00452 BONE to 0.012 BONE, as reported by Shibariumscan.

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Shibarium is designed to facilitate the transfer of Shiba Inu tokens, with BONE tokens covering transaction fees. A portion of each transaction fee in BONE is converted to SHIB and sent to a dead wallet, reducing the overall supply of tokens through burning.

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This increase in transaction fees has occurred despite a decrease in activity on the Shibarium network. The number of active accounts decreased by 11.4%, from 465 to 412, and the total number of transactions decreased by 18.23%, from 4,363 to 3,566 in the last 24 hours.

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Source: Shibariumscan

The increase in transaction fees in the face of declining network activity raises questions about underlying causes. Possible factors include an increase in larger transactions or greater transaction complexity, which could drive up fees.

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Now the question arises about the future of the Shibarium network and its ability to meet growing demand while maintaining efficiency and scalability, as there are concerns about the impact on SHIB and BONE amid general market uncertainties.

Addressing these issues will be critical to the sustainable growth of the Shibarium network.

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