The average transaction costs for Shibarium, the layer-2 blockchain solution for Shiba Inu, have increased by a staggering 300% in the last 24 hours. Shibariumscan revealed that the average transaction amount in BONE, the native token of the Shiba Inu ecosystem, grew from 0.00452 BONE to 0.012 BONE based on the most recent statistics.
Shibarium’s purpose is to make Shiba Inu token transfers easier by paying transaction costs with BONE tokens. In order to reduce the total amount of tokens available through burning, a portion of each BONE transaction fee is converted to SHIB and sent to a dead wallet.
Despite a decline in activity on the Shibarium network, transaction fees have increased. In the past 24 hours, there was a decline of 11.4% in the total number of active accounts (465) and 18.23% in the total number of transactions (4,566 versus 4,363).
There are concerns regarding the underlying causes of the increase in transaction costs in the face of decreasing network activity. Increased transaction volume or complexity are two potential causes that might result in higher costs.
The impact on SHIB and BONE amid overall market difficulties raises questions about the viability of the Shibarium network and its capacity to fulfil increasing demand while retaining efficiency and scalability.
For the Shibarium network to develop sustainably, these problems must be resolved.
