Shibarium, the layer 2 blockchain solution for Shiba Inu, has seen a massive 300% increase in average transaction fees in the last 24 hours. According to the latest data, the average amount spent per transaction on BONE, the native token of the Shiba Inu ecosystem, increased from 0.00452 BONE to 0.012 BONE, reports Shibariumscan.
Shibarium, the layer 2 blockchain solution for Shiba Inu, has seen a massive 300% increase in average transaction fees in the last 24 hours. According to the latest data, the average amount spent per transaction on BONE, the native token of the Shiba Inu ecosystem, increased from 0.00452 BONE to 0.012 BONE, reports Shibariumscan.
Shibarium is designed to facilitate the transfer of Shiba Inu tokens, and BONE tokens cover the transaction fees. A portion of each transaction fee on BONE is converted to SHIB and sent to a dead wallet, reducing the overall supply of tokens through burning.
Tomiwabold Olajide
This increase in transaction fees came despite a decrease in activity on the Shibarium network. The number of active accounts decreased by 11.4%, from 465 to 412, and the total number of transactions decreased by 18.23%, from 4,363 to 3,566 in the last 24 hours.
Rising transaction fees in the face of declining network activity raises questions about the underlying causes. Possible factors include an increase in larger transactions or greater complexity of transactions, which could increase fees.
Gamza KhanzadaevThe question now arises regarding the future of the Shibarium network and its ability to meet the growing demand while maintaining efficiency and scalability, as there are concerns about the impact on SHIB and BONE amid the overall market uncertainties.
Addressing these issues will be critical to the sustainable growth of the Shibarium network.
