A fresh story has surfaced concerning petrol prices increasing rather significantly, after the announcement of the establishment of a new website for tracking preparations for burns on Shibarium by the Shibburn tracker of transactions, which sends SHIB tokens to dead wallets. However, the increase in costs was only noticed for a very short time.
Shibarium fees jump high
When sharing the link on its X app page for the first time, Shibburn acknowledged that its first estimation of BONE costs on the Layer-2 blockchain Shibarium “wasn’t too far off based on the average fee first.”
But according to the X article, on September 21, its tracker calculated the blocks from the previous week. According to recently acquired data, transactions on Shibarium used petrol fees that were significantly more than typical, especially on September 12 and 13. Some of them increased to 60–70% of the 20,000,000 m3 of petrol that was allowed.
Shibburn claimed that their computation accounts for all Layer-2 network transactions, and as the bulk of them had petrol fees that were far lower, its estimate of the aforementioned two days’ worth of petrol remained excessive.
https://x.com/shibburn/status/1705036974522880125?s=20
Shibarium fees would rise on increased usage
The Shibarium community was forewarned earlier this month by the official marketing specialist of the SHIB team, who goes by the name Lucie, that petrol prices may increase once the Shibarium user base and utility dramatically expand. Shibarium will still be able to burn Shiba Inu coins more effectively in this fashion since more BONE will be set aside for the costs associated with doing so. Burns fees have thus far resulted in an accumulation of 0.5 BONE.
SHIB burn rate spikes, close to 200 million coins destroyed
The Shiba Inu community’s combined efforts over the course of the previous 24 hours have resulted in the destruction of a sizeable portion of SHIB, according to the same burn tracker; 182,336,616 SHIB meme coins were moved to unspendable blockchain addresses. Data from the Shibburn website show that this caused the burn rate to increase by over 40%.
About 16 hours ago, about two-thirds of this enormous amount of meme coins were burnt in a single transmission. At that time, 137,457,044 Shiba Inu were permanently removed from circulation after being sealed in a dead SHIB wallet.
The SHIB burn rate managed to increase by 320% on Thursday compared to the previous day, with little over 130.5 million SHIB moved to dead-end wallets, according to U.Today.
