Shibarium Sees 500% Surge In Transaction Fees Amid Increased Network Activity

According to U.Today, Shibarium, the Layer-2 blockchain solution for Shiba Inu, has seen a significant increase in transaction fees in the last 24 hours. Data from Shibariumscan shows that gas commissions paid in BONE, the native token of the Shiba Inu ecosystem, have risen by an impressive 500%, jumping from 12 BONE to 61.47 BONE. Shibarium is used for transferring Shiba Inu tokens, with BONE tokens used to cover transaction costs. Each transaction contributes to the burning of SHIB tokens, as a portion of the BONE transaction fee is converted into SHIB tokens and sent to the dead wallet. The increase in fees on Shibarium can be attributed to several factors, primarily increased network activity. The recent popularity surge of Shiba Inu tokens, due to market volatility and increased investor interest, has led to a rise in transaction demand on the Shibarium network. This surge in online activity is further validated by a significant increase in active accounts, which rose by 211%, from 1,724 to 3,650 within the same 24-hour period. Interestingly, the number of new accounts did not increase, but rather declined, suggesting that the activity surge mainly came from existing accounts. This increase in transaction fees and network activity raises important questions about the future of Shiba Inu's network and tokens. It remains to be seen whether this surge in fees will lead to further activity within the Shiba Inu ecosystem, how Shibarium will adapt to meet the growing demand while maintaining efficiency and scalability, and what implications this surge will have for SHIB and BONE, especially considering the current uncertainty in the general crypto market.