As a seasoned crypto investor with a deep understanding of the Shiba Inu ecosystem, I find myself increasingly concerned about the recent surge in transaction fees on the Shibarium network. With an average increase of 185% in just 24 hours, from 0.007 BONE to 0.019 BONE per transaction, this trend is putting a significant strain on my investment portfolio.
Over the past 24 hours, Shibarium, the secondary blockchain for Shiba Inu, has experienced a significant jump of approximately 300% in typical transaction fees. Based on recent information, the average expenditure per transaction in BONE, the native currency of the Shiba Inu community, has risen from 0.00452 units to 0.012 units, as indicated by Shibariumscan.
Shibarium functions as a platform for transferring Shiba Inu tokens, where transactions are paid for using BONE tokens. A percentage of these transaction fees in BONE gets converted into SHIB and is then transferred to an inactive wallet, resulting in a decrease in the total number of circulating SHIB tokens via burning.
As an analyst, I’ve noticed an intriguing discrepancy in the Shibarium network’s transaction fees and network activity. Despite a significant drop of 11.4% in the number of active accounts from 465 to 412, and a substantial decrease of 18.23% in total transactions from 4,363 to 3,566 within the last 24 hours, the transaction fees have inexplicably risen.
With fewer transactions taking place on the network, the rise in transaction fees becomes a puzzling issue. Potential explanations include:
As a researcher studying the Shibarium network, I’m pondering over its potential future developments in light of increasing demand and the need to ensure both efficiency and scalability. There are valid concerns that may affect the performance of SHIB and BONE tokens, especially given the broader market instabilities.
Addressing these issues will be critical to the sustainable growth of the Shibarium network.
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2024-06-12 18:45