The most recent data indicates that over the previous day, transaction costs for Shibarium, the Llayer-2 blockchain solution for Shiba Inu, increased. Shibariumscan therefore shows that gas commissions paid in BONE, the ecosystem’s native currency, increased by an incredible 500%, from 12 BONE to an unbelievable 61.47 BONE.
Shibarium uses BONE tokens to pay transaction fees and enables the transfer of Shiba Inu tokens. Remarkably, a portion of the BONE transaction fee is converted into SHIB tokens and delivered to the dead wallet with every transaction, so contributing to the burning of SHIB coins.
There are a few reasons for the increase in costs on Shibarium, but the main one is increased network traffic. The demand for transactions on the Shibarium network has increased owing to the recent rise in popularity of Shiba Inu tokens amid market instability and heightened investor interest.
The extraordinary increase in active accounts, which shot up by a startling 211%, from 1,724 to 3,650 in the same 24-hour period, validates this spike in online activity even more.
Interestingly, there was a decrease in the quantity of new accounts rather than an increase. This implies that current accounts, as opposed to new users joining the ecosystem, were mostly responsible for the spike in activity.
What’s next for Shiba Inu?
Significant concerns concerning the future course of Shiba Inu’s network and tokens are brought up by this spike in transaction fees and network activity.
Will this increase in costs portend further activity boosts for the Shiba Inu community? In order to meet the increasing demand without sacrificing scalability or efficiency, how would Shibarium adjust? Furthermore, what effects does this spike have on SHIB and BONE, particularly in light of the volatility on the overall cryptocurrency market and the apparent dominance of negative investors?
