Transaction costs for Shibarium, the Layer-2 blockchain solution used by the Shiba Inu community, have increased dramatically over the last 24 hours, rising by 267%. Shibariumscan data shows a significant increase in petrol commissions paid in BONE, the Shiba Inu ecosystem’s native currency, from 11.57 BONE to 30.98 BONE.
The rise in fees may be ascribed to increased network activity, which is probably the result of heightened interest in Shiba Inu coins due to recent market volatility. Transaction volumes on the Shibarium network have increased, leading to higher transaction fees, as investors want to take advantage of possibilities inside the ecosystem.
What is Shiba Inu’s BONE?
For those who are unaware, BONE is an essential component of the Shiba Inu ecology. Every BONE transaction helps burn SHIB tokens in addition to paying transaction fees on the Shibarium network.
In order to lower the total token supply and maybe increase scarcity, a portion of the BONE transaction fee is changed into SHIB tokens and delivered to the dead wallet.
Important questions about the future course of Shiba Inu’s network and related coins are raised by the ramifications of this surge in transaction fees.
It is unclear how Shibarium intends to handle the rising demand while maintaining efficiency and scalability, and whether the spike in fees is a sign of ongoing activity within the Shiba Inu ecosystem.
Moreover, investors are particularly interested in the implications for SHIB and BONE given the general market concerns, especially in light of the prevalent pessimistic views.
