Shiba Inu (SHIB) Network in Question as Massive Shibarium Activity Raises Doubts

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As a seasoned crypto investor with a knack for sniffing out the genuine from the fraudulent, I must admit that the recent surge in Shibarium activity has piqued my interest – and my suspicion. With over three million transactions in a day and an increase in BONE tokens used as gas, it’s hard not to be intrigued. However, the steep drop in active accounts and the inconsistency of this growth pattern leaves me scratching my head.

Over the past nine months, there’s been an extraordinary surge in activity on the Shibarium blockchain, which was developed by the creators of the well-known meme-based cryptocurrency, Shiba Inu (SHIB). Various key indicators have increased dramatically by hundreds and even thousands of percent in just a few days.

As Shibariumscan reports, the Shiba Inu network processed approximately 3.24 million transactions in the past 24 hours. Simultaneously, the amount of BONE tokens used as gas for these transactions surged significantly – rising from around 327 BONE to almost 2,400 BONE.

It may come as a surprise, but Shibarium does not use SHIB as a gas token, but BONE. However, this still affects the main Shiba Inu token offering, where a portion of the fees collected in BONE are further converted into SHIB and sent to a dead address for burning. 

As a researcher, I’ve observed that Shibarium’s performance has reached unprecedented heights since February 2024, according to the data gathered by my exploration tools. However, the cause behind this surge in performance remains elusive and the validity of these results is still under scrutiny.

Legit check

Why does it happen that when the daily transaction growth rate increases by approximately 2.540%, over a span of three days, there is a significant decrease of around 95.82% in active accounts? Specifically, the number of interacting accounts on Shiba Inu’s network has decreased from October 22 to the present day, reaching only 1,096.

It seems unusual with these sudden peaks and countless transactions occurring within Shibarium. However, the team behind the project has yet to offer an explanation, leading us to question whether such a large amount of activity could be entirely legitimate. It’s possible that the reported millions of user transactions in this layer 2 might not all be genuine.

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2024-10-25 18:42