This week, Shibarium, the blockchain network linked to the Shiba Inu token, showed incredible on-chain performance that may surprise the SHIB community. Over the past week, daily transaction volume has increased by a staggering 441%, from 2,990 at the start of the week to 13,191 today.
This week, Shibarium, the blockchain network linked to the Shiba Inu token, showed incredible on-chain performance that may surprise the SHIB community. Over the past week, daily transaction volume has increased by a staggering 441%, from 2,990 at the start of the week to 13,191 today.
Yuri MolchanThe increase in Shibarium activity is likely due to the recent increase in attention to Shiba Inu tokens amid market disruptions. As a result, transaction demand has also increased, leading to higher transaction fees. Over the course of the last day, for example, transaction fees paid on BONE increased by 176%.
The increase is a positive sign for the SHIB community. More transactions mean more SHIB tokens are burned, reducing the overall supply and potentially increasing the value of the remaining tokens. Shibarium operates by using BONE tokens as a gas fee.
Each transaction on the network burns a portion of SHIB by converting a portion of the BONE fee and sending it to a dead wallet.
Gamza KhanzadaevAdditionally, the number of active accounts on Shibarium increased from 798 to 836 during the same period. This indicates that current users are increasingly engaged with the network, driving its dynamic growth, although the number of new accounts has decreased slightly.
The network’s impressive performance this week highlights its growing importance and usefulness within the Shiba Inu community. This growth is a strong indicator of the network’s potential and user trust.
