As a seasoned crypto investor who has weathered many market cycles and witnessed countless trends come and go, I find myself both intrigued and cautious regarding the recent surge in transaction fees on Shibarium, the blockchain solution of the Shiba Inu ecosystem.
Transaction fees on Shibarium, the blockchain platform of the Shiba Inu ecosystem, have experienced an extraordinary surge over the past few days, as indicated by data from Shibariumscan. More precisely, there’s been a substantial 1,036% jump in BONE tokens spent per transaction, with the amount rising from 0.012 to 0.1168 tokens.
The BONE token serves a significant purpose within the Shiba Inu ecosystem, contributing to its overall operation. Functioning as a transaction fee token, BONE gets exchanged as the payment for every transaction that takes place on the Shibarium blockchain.
A small portion of every transaction cost gets transformed into Shiba Inu coins and moves to a special wallet where it’s destroyed. This process decreases the total amount of SHIB in circulation, giving the well-known meme currency a deflationary nature.
The increase in transaction costs suggests greater network usage, yet it prompts concerns regarding the affordability of transacting on Shibarium.
Pumpfun, but for Shiba Inu (SHIB)
The rise in popularity might be due to the introduction of apps similar to Pumpfun and Sunpump for Shiba Inu. Essentially, if a meme coin accumulates enough liquidity based on its bonding curve, it will then become available on decentralized exchanges. This recently introduced platform operates on Shibarium and employs the use of BONE.
If it turns out to be true, the interest in BONE could increase even more, as the buzz surrounding “fair launch” platforms continues to grow.
In the case of the pumpfun example, it’s clear that the investments made in this manner are questionable in terms of their value or potential for growth.
Since BONE already has a solid standing as an asset, it might be wiser to avoid investing it in speculative cryptocurrencies that lack fundamental support.
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2024-08-29 19:03