A new day has brought a new twist to the popular meme-inspired Shiba Inu (SHIB) cryptocurrency. According to Shibariumscan, the total volume of BONE tokens collected as transaction fees on the Shibarium network has increased by 2,190% in the last 24 hours.
Many people may be aware that more than a year ago, a team of Shiba Inu enthusiasts launched decentralized blockchain Shibarium. This layer-2 solution, built on top of the Ethereum Virtual Machine, uses BONE, a token of the Shiba Inu ecosystem, as a gas payment.
Tomiwabold OlajideOf course, SHIB also benefits from the operations of Shibarium, where part of the BONE collected for commissions is converted into SHIB and then burned. In this way, the operation of the network stimulates the deflation of the original Shiba Inu token.
The increase in commissions collected occurred against the backdrop of increased activity on the network. In particular, during this 24-hour period, Shibarium saw an increase in the number of daily transactions from 6,209 to 8,025.
With the increase in network usage, gas fees on the network naturally increased, and as a result, the amount of BONE tokens collected that day increased from 20.01 BONE to 438.79 BONE.
Godfrey BenjaminWhether this outbreak is just a short-term blip or the beginning of a full-blown trend of increased activity in the Shibarium is a question that the SHIB community, and blockchain enthusiasts in general, will soon have to answer.
Previously, the Shiba Inu network had already seen a noticeable spike in activity nearly a year ago, when the number of transactions suddenly surpassed millions per day and had been doing so for several months.
Yuri Molchan
Arman Shirinyan
Dan Burgin
Vladislav Sopov
U.Today Editorial Team