An unknown on-chain anomaly has struck Shibarium, a layer-2 blockchain suite designed for the popular meme-inspired Shiba Inu (SHIB) cryptocurrency ecosystem.
According to Shibariumscan, the average gas price on Shibarium has skyrocketed by more than 2,777% in the last 24 hours. The metric, which tracks the average price (Gwei) per unit of gas spent per transaction on the Shibarium network, shows that this number has skyrocketed to 275.5 Gwei, although the day before it was worth only 9.94 Gwei.
The sharp increase in the number of transactions may be due to an increase in network activity. However, this is where the controversy comes in, as despite the nearly 30-fold increase in transaction value, transaction volume actually decreased throughout the day.
From the previous day’s 7,502 daily transactions, yesterday was only 3,802. Today, it is predicted that there will be only 2,559 transactions, meaning that activity on the Shiba Inu network will continue to decline.
What is behind the anomaly?
Why the price of gas in the country is rapidly rising, while activity is falling, is an interesting question. This is further amplified by the fact that the average transaction fee for BONE, Shibarium’s native token, has dropped along with the number of daily transactions.
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 price of gas on Ethereum has also fallen in recent days. Another reason could be incorrect display of statistics, but as we can see, the only anomaly here is limited to gas prices in gwei, not BONE.