Over the last day, the Shiba Inu ecosystem has seen a noticeable spike in activity on its Shibarium network, as seen by a jump in a crucial blockchain indicator. Transaction volume increased by 60%, from 5,150 to 7,930, according to Shibariumscan.
At the same time as this surge in transaction volume, network fees have also increased dramatically. During the same time period, the number of BONE tokens utilised to cover these costs increased from 16.68 BONE to 32 BONE.
BONE are used for transaction fees in accordance with Shibarium’s transaction paradigm. A part of these tokens are subsequently turned into SHIB, which are burnt. By reducing the amount of Shiba Inu tokens in circulation, this burning process may eventually raise their price.
This increase in network activity is being caused by several factors. Investor interest in Shiba Inu coins has increased as a result of recent market volatility, which has raised Shibarium transaction demand.
The network’s active account count increased by 13.7%, from 687 to 781, indicating increased engagement. Interestingly, new account creation somewhat decreased while the number of active users increased, indicating that the current user base is driving this spike in activity.
It appears that the network’s expansion and prospects for future value increase are being driven by the double benefits of increasing transaction volumes and the systematic burning of SHIB tokens. This dynamic is probably motivating SHIB fans to stay involved and keep making investments in the Shiba Inu community.
