Gas Price in Shiba Inu’s Shibarium Spikes 2,777%: What’s Happening?

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As an analyst with years of experience in the cryptocurrency market, I find myself puzzled by this on-chain anomaly that has hit Shibarium, the layer-2 blockchain rollup for the Shiba Inu ecosystem. The sudden 2,777% increase in gas prices, while transaction numbers are decreasing, is indeed a curious case.

An unknown on-chain anomaly has hit Shibarium, a layer-2 blockchain rollup designed for the ecosystem around the popular meme-inspired Shiba Inu (SHIB) cryptocurrency. 

Based on information from Shibariumscan, the average cost of gas on the Shibarium platform surged by an astonishing 2,777% within the past 24 hours. This figure represents the typical price (in gwei) paid for each gas unit spent on transactions within the Shibarium network. Remarkably, this value has soared to 275.5 gwei, whereas it was merely 9.94 gwei just a day ago.

The spike in transaction numbers may be related to an increase in network activity. However, this is where the controversy arises, as, despite the nearly 30-fold increase in the cost of transactions, the amount of transactions actually decreased over the course of the day. 

Gas Price in Shiba Inu's Shibarium Spikes 2,777%: What's Happening?

Yesterday, compared to the previous day’s 7,502 daily transactions, we saw a significant drop to 3,802. Furthermore, predictions suggest that today’s transactions could number just 2,559. This indicates a possible ongoing downtrend in activity on the Shiba Inu network.

What’s behind anomaly?

Why the price of gas on gwei is skyrocketing while activity is declining is an interesting question. It is further fueled by the fact that the average transaction fee in BONE, Shibarium’s native token, has fallen along with the number of daily transactions. 

Gas Price in Shiba Inu's Shibarium Spikes 2,777%: What's Happening?

The answer may lie in the nature of Shibarium, which is ultimately an EVM blockchain, in other words, built on top of Ethereum. But the cost of gas on Ethereum has also fallen in recent days. The other reason may be the incorrect display of statistics, but as we can see, the only anomaly here is limited to gas prices in gwei, and not BONE.

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2024-10-04 18:21