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Shiba Inu's Shibarium Skyrockets 962% in Key Metric Amid Gas Fee Anomaly

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Mon, 17/06/2024 - 10:04
Shiba Inu's Shibarium Skyrockets 962% in Key Metric Amid Gas Fee Anomaly
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Shibarium, the layer-2 blockchain solution for Shiba Inu, has seen a significant increase in new user accounts, rising 962% in just 24 hours. The number of new accounts per day jumped from 16 on June 15 to 154 on June 16, reflecting growing interest in the network.

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Interestingly, this surge in new users coincided with an increase in the average amount spent per transaction in BONE, Shiba Inu's native token.

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According to Shibariumscan, the average transaction amount increased from 0.00222 BONE to 0.00458 BONE. BONE is used as a gas fee for transactions in Shibarium, and a portion of each fee is converted to SHIB and burned, reducing the overall supply of tokens.

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Source: Shibariumscan

However, despite the influx of new accounts and higher transaction amounts, the network experienced a decrease in active accounts and total transactions.

Active accounts decreased from 836 to 766, and total transactions decreased by 63.2% from 13,191 to 4,859 over the same period. This decline raises questions about Shibarium's ability to meet growing demand while maintaining efficiency.

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The divergence between the increase in new users and the decrease in transactions can be attributed to several factors. New users may be joining to explore the platform or to hold BONE and SHIB tokens rather than to conduct transactions.

In addition, current market conditions may have led to more cautious trading behavior, resulting in fewer transactions despite a growing user base.

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