Shibarium, the Layer-2 blockchain solution serving the Shiba Inu community, has seen a significant increase in transaction fees, marking a notable 267% increase in the last 24 hours. Data obtained from Shibariumscan indicates a substantial increase in gas fees paid in BONE, the native token of the Shiba Inu ecosystem, from 11.57 BONE to 30.98 BONE.
Shibarium, the Layer-2 blockchain solution serving the Shiba Inu community, has seen a significant increase in transaction fees, marking a notable 267% increase in the last 24 hours. Data obtained from Shibariumscan indicates a substantial increase in gas fees paid in BONE, the native token of the Shiba Inu ecosystem, from 11.57 BONE to 30.98 BONE.
This increase in fees can be attributed to increased network activity, likely driven by increased interest in Shiba Inu tokens amid recent market fluctuations. As investors look to capitalize on opportunities within the ecosystem, transaction volumes on the Shibarium network have increased, resulting in elevated transaction fees.
What is Shiba Inu BONE?
For those who don’t know, BONE plays a crucial role within the Shiba Inu ecosystem. In addition to covering transaction fees on the Shibarium network, every transaction involving BONE contributes to the burning of SHIB tokens.
A portion of the BONE transaction fee is converted into SHIB tokens and sent to the dead wallet, reducing the overall supply of tokens and potentially increasing scarcity.
The implications of this increase in transaction fees raise important considerations about the future trajectory of the Shiba Inu network and its associated tokens.
Questions arise as to whether this increase in fees indicates sustained growth in activity within the Shiba Inu ecosystem and how Shibarium plans to address growing demand while ensuring continued efficiency and scalability.
Furthermore, amid broader uncertainties in the market, particularly with bearish sentiments prevailing, the implications for SHIB and BONE are of particular interest to investors.
