Recent data from Shibariumscan reveals a significant increase in transaction fees within the Shibarium network, increasing by 493% over the past week. This increase is mainly attributed to increased network activity driven by increased interest in Shiba Inu tokens amid recent market fluctuations. Transaction fees, expressed in BONE, the ecosystem’s native token, rose sharply from 16.22 BONE to 79.18 BONE.
Recent data from Shibariumscan reveals a significant increase in transaction fees within the Shibarium network, increasing by 493% over the past week. This increase is mainly attributed to increased network activity driven by increased interest in Shiba Inu tokens amid recent market fluctuations. Transaction fees, expressed in BONE, the ecosystem’s native token, rose sharply from 16.22 BONE to 79.18 BONE.
The notable increase in fees correlates with a substantial increase in transaction volumes, which increased by 278.5%, rising from 5,865 to 16,337 transactions in the same seven-day period.
Arman Shirinyan
Of great relevance to SHIB holders is the mechanism through which these transaction fees contribute to the ecosystem. BONE, used to cover transaction costs on Shibarium, is partially converted into SHIB and then burned. This process effectively reduces the circulating supply of Shiba Inu tokens, potentially improving their scarcity and value proposition.
Economically, the reduction in SHIB supply due to burning can drive up its price. This is due to the basic principles of supply and demand. When there is less supply and demand stays the same or rises, prices also rise.
Tomiwabold OlajideThe recent increase in transaction fees shows how important Shibarium is in making the network more active. It also shows the impact it can have on the SHIB market. As the ecosystem actively manages the token economy through burning mechanisms, it may give long-term investors more confidence in SHIB’s value proposition.
