As a researcher with extensive experience in the cryptocurrency market, I find the recent developments in the Shiba Inu ecosystem particularly intriguing. The surge in transaction fees on the Shibarium network is noteworthy, with an increase from 0.0026 BONE to 0.014 BONE over the past five days. This trend is significant as BONE plays a crucial role in the ecosystem by covering transaction fees and contributing to the burning of SHIB tokens.
As a researcher studying the Shiba Inu ecosystem, I’ve noticed an intriguing development in the Shibarium network’s transaction fees over the past week. Specifically, the average transaction fee on Shibarium has seen a significant jump, rising from 0.0026 BONE on July 5 to 0.014 BONE by July 10. This information is based on data obtained from Shibariumscan.
The cryptocurrency bone, which is another type of token in Shiba Inu’s system, plays a significant role in the blockchain by paying for transactions. This action leads to the burning of SHIB tokens, thereby decreasing their overall number in circulation. This decrease directly impacts the scarcity, inflation, and market value of SHIB.
As a concerned crypto investor, I’ve noticed a troubling trend with Shibarium transactions. Despite higher transaction fees, the number of daily transactions has dropped significantly. For instance, there were 7,409 transactions on July 5, but in the past 24 hours, this figure has decreased to just 3,400.
I. The sum of assets secured in Shibarium’s smart contracts has shrunk. This metric, referred to as Total Value Locked (TVL), signifies the combined worth of all assets locked within the blockchain’s contracts. As a seasoned analyst, I can attest that TVL is a pivotal measure reflecting both the network’s vitality and the extent of its user adoption.
Currently, the total value locked (TVL) in Shibarium stands at $1.57 million, which is lower than the $3.79 million reported at the close of March.
As a crypto investor, I’ve noticed that the drop in Shibarium’s value may be linked to the underperformance of Shiba Inu token (SHIB) in the market. Despite being the 11th largest cryptocurrency by market capitalization, SHIB fails to secure a top spot in its sector when it comes to trading volume. This lackluster performance could be a significant factor contributing to the decline of Shibarium.
The diminished level of trading indicates decreasing enthusiasm from the community, potentially influencing Shibarium’s transaction volume and total value locked.
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2024-07-10 17:41