Shiba

Spike

Token

Shiba Inu

Higher

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Shibarium, the layer-2 blockchain solution for Shiba Inu, has seen a big jump in average transaction fees over the past 24 hours. Data from&nbsp;<a href="https://www.shibariumscan.io/stats" rel="noopener noreferrer nofollow">Shibariumscan</a> shows that the amount of BONE tokens spent per transaction has shot up from 30.4 to 90.84.
BONE, the native token of Shiba Inu, plays a vital role in the ecosystem. It covers transaction fees on the Shibarium network and contributes to the burning of SHIB tokens. Each BONE transaction fee is partly converted into&nbsp;<a href="https://u.today/shiba-inu-next-massive-support-unveiled-as-shib-price-dips-9" rel="noopener noreferrer nofollow">SHIB</a> and sent to a dead wallet, reducing the total supply and potentially increasing the token's scarcity.
This big increase in fees comes at the same time as a surge in transaction volumes. In just 24 hours, the number of transactions on&nbsp;<a href="https://u.today/shiba-inu-shib-faces-unexpected-rebound-setback" rel="noopener noreferrer nofollow">Shibarium</a> shot up by 54%, jumping from 6,078 to 9,365. This sudden surge in activity has caught the attention of the community, prompting questions about the underlying causes and potential impacts on the Shiba Inu ecosystem. <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="77651511-7dd6-4493-8bfb-557c41d9ad15" src="https://u.today/sites/default/files/inline-images/shibariium.png">Source: <a href="https://www.shibariumscan.io/stats" rel="noopener noreferrer nofollow">Shibariumscan</a>
The rise in transaction fees highlights increased network activity but also raises concerns about the cost of using Shibarium. Higher fees could discourage users from participating, affecting the ecosystem's growth.
The&nbsp;<a href="https://u.today/shiba-inu-shib-to-add-zero-price-makes-unprecedented-turn" rel="noopener noreferrer nofollow">Shiba Inu</a> community is keeping a close eye on these changes because they could affect the future of Shibarium and the BONE token's role. It will be important for those involved in the Shiba Inu ecosystem to keep an eye on these developments.

300% Spike in Shiba Inu Token Transaction Fees Shocks Shibarium

U_Today

Other articles published on Jul 4, 2024

Meme Coin Index with SHIB, DOGE, WIF, PEPE, and BONK Launched by Major Exchange

CryptoQuant Reports Significant Miner Capitulation Amid Bitcoin Price Drop

ALTA – Blockchain Lab Analysts: Strategies for Maximizing ROI in Crypto Investments

Aragon (ANT) Price Prediction 2025, 2026, 2027, 2028, 2029 and 2030

MoonBag Listing On LBank Confirmed! A Move To Soar Global Visibility As MBAG Holders Gear Up For ...

Former Goldman Sachs Analyst Slams XRP and ADA as 'Cult Meme Coins'

Join our free newsletter for daily crypto updates!