Shibarium, the layer-2 blockchain of the Shiba Inu ecosystem, has seen a dramatic increase in transaction fees over the past 24 hours.
Sharp Fee Increase
According to Shibariumscan, the total number of BONE spent on transaction fees has surged from 15.67 to 317 tokens, marking a staggering 2,024% increase.
Key Data
BONE is the native token of the Shiba Inu ecosystem, used to pay for transaction fees on the Shibarium network. Additionally, BONE plays a crucial role in the burning mechanism for SHIB tokens, contributing to SHIB's deflationary nature. Notably, the average amount of BONE spent per transaction has also increased by 1,188%, climbing from 0.00345 BONE to 0.041 BONE.
Network Usage Growth
Alongside the fee increase, there has been a significant rise in transaction numbers. In the past 24 hours, the total number of transactions jumped by 70%, from 4,537 to 7,715. Additionally, the number of active accounts using the Shibarium network grew by 157.14%, increasing from 42 to 108 accounts.
The heightened interest in the Shibarium network has led to increased activity and, consequently, a rise in transaction fees. However, this raises questions about the long-term sustainability of the network.
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