As a seasoned analyst with years of experience in the ever-evolving crypto market, I find myself intrigued by the recent surge in transaction fees on Shibarium, the layer-2 blockchain of the Shiba Inu ecosystem. The staggering 2,024% increase in BONE spent on gas fees within a single day is not something we see every day.
As an analyst, I’ve observed a remarkable surge in transaction fees within Shibarium, the layer-2 blockchain of the Shiba Inu ecosystem, over the past 24 hours. Data from Shibariumscan reveals that the amount of BONE tokens used for gas fees has skyrocketed from 15.67 to an astounding 317 tokens. This represents a mind-boggling 2,024% increase in spending.
If you’re unfamiliar, BONE is the local currency within the community linked to the well-known meme-based cryptocurrency. It plays a crucial role in facilitating transactions across the Shibarium blockchain network.
Apart from handling transaction costs, BONE also significantly contributes to the elimination of the original Shiba Inu token, SHIB. This means that with every transaction processed on the network using BONE as payment, a part of it gets transformed into SHIB and is sent to a disposal wallet. Consequently, this action helps maintain the deflationary characteristic of the SHIB token.
It’s important to point out that the significant rise in total fees has been mirrored by a substantial 1,188% surge in the average BONE spent per transaction. Initially, each transaction cost approximately 0.00345 BONE, but now it’s up to 0.041 BONE.
Shibarium rising
It appears that the surge in this fee is linked to a significant rise in transactions on the network over a 24-hour period. The total transactions jumped by approximately 70%, rising from 4,537 to 7,715. Furthermore, the number of active accounts on the Shibarium network experienced a substantial growth of around 157.14%. This resulted in an increase in the number of accounts from 42 to 108 during this timeframe.
As Shibarium’s popularity grows, it’s only natural to see an uptick in network usage. Yet, the swift rise in transaction fees has sparked concerns within the Shiba Inu community regarding the network’s future viability and durability.
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2024-09-19 18:30