Within the last 24 hours, Shibarium, Shiba Inu’s layer 2 blockchain solution experienced a huge increase in its transaction fee metric.
Why Did Shibarium Transaction Fee Soar?
Recent statistics from Shibariumscan show a 500% increase in gas commissions paid in BONE, the primary gas token on Shibarium, rising from 12 BONE to a remarkable 61.47 BONE.
The sudden surge in fees on Shibarium can be attributed to several factors, with heightened network activity being the chief driver.
The demand for transactions on the Shibarium network has witnessed a substantial uptick, with Shiba Inu tokens gaining popularity amid market volatility and heightened investor interest.
The surge in online activity is validated by increases in active accounts, which soared by 211%, within the same 24-hour period, jumping from 1,724 to 3,650. Despite this spike in fees, new accounts experienced a decline. This suggests that the increased activity originated from existing accounts, rather than from new users.
Overall, the spike in transaction fees highlights a growing utility for Shibarium. As more people engage with Shiba Inu tokens and leverage its layer 2 blockchain for transactions, fluctuations in transaction fees will likely continue.
What Lies Ahead of Shiba Inu
This rise in transaction fees and network activity raises serious worry about the future of Shiba Inu’s network and tokens.
Specifically, market observers have raised questions on whether the fee spike will result in more growth for the Shiba Inu ecosystem. They have also raised concerns about how Shibarium will adapt to meet rising demand while performing its assignment of being efficient and scalable.
As BGEcrypto earlier reported, Shibarium is on track to increase its performance through a hard fork update. The major goal of this upgrade is to make the Shibarium network more accessible to anyone. In the initial phase, the Shibarium hard fork will improve block processing times.
At the time of this writing, SHIB, the native cryptocurrency associated with the Shiba Inu ecosystem is trading at $$0.00002142, with trading volume and market capitalization standing at $755 million and $12.6 billion respectively.
