Shiba

Token

Shiba Inu

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The Shibarium network, a key component of the&nbsp;<a href="https://u.today/shiba-inu-shib-massive-0000017-comeback-vital-details" rel="noopener noreferrer nofollow">Shiba Inu</a> ecosystem, has recently witnessed an eye-catching surge in transaction fees. Over the past five days, the average amount spent on Shibarium transactions has increased from 0.0026 BONE on July 5 to 0.014 BONE by July 10. This data is from&nbsp;<a href="https://www.shibariumscan.io/stats" rel="noopener noreferrer nofollow">Shibariumscan</a>.
BONE, another native token of Shiba Inu, plays a major role in the ecosystem's blockchain by covering transaction fees, thereby contributing to the burning of SHIB tokens. This process results in a reduction of the total supply of&nbsp;<a href="https://u.today/shiba-inu-shib-massive-0000017-comeback-vital-details" rel="noopener noreferrer nofollow">SHIB</a>, which directly affects its scarcity, inflation and price. <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="a427bfb6-cafe-43c3-8fd7-18d40f15c1b7" src="https://u.today/sites/default/files/inline-images/shibarim.png">Source: <a href="https://www.shibariumscan.io/stats" rel="noopener noreferrer nofollow">Shibariumscan</a>
Worryingly, despite increased transaction fees, the number of transactions on Shibarium has decreased significantly, from 7,409 daily transactions on July 5 to 3,400 in the last 24 hours.
Furthermore, the total value locked in Shibarium has also decreased. As many know, the TVL metric represents the total value of all assets locked in a blockchain's smart contracts, and it is therefore a key indicator of the overall health and adoption of the network. <img alt="&quot;&quot;" data-entity-type="file" data-entity-uuid="ca057ffd-00e8-4002-b068-14468dc1786e" src="https://u.today/sites/default/files/inline-images/shibariumscan_2.png">Source: <a href="https://defillama.com/chain/Shibarium" rel="noopener noreferrer nofollow">DefiLlama</a>
Thus, the current TVL for Shibarium is $1.57 million, representing a decline from the $3.79 million recorded at the end of March.
The decline of Shibarium can probably be attributed to the unimpressive performance of&nbsp;<a href="https://u.today/shib-devs-super-busy-shiba-inu-team-reveals-something-cooking" rel="noopener noreferrer nofollow">Shiba Inu token (SHIB)</a>. The popular meme token, which ranks 11th among all cryptocurrencies in terms of market capitalization, is not even third in its sector in terms of trading volume.
This lack of trading activity suggests waning interest from the community, which could be impacting Shibarium's transaction numbers and TVL.

Shibarium Eyes Abnormal 540% Increase in Shiba Inu Token Gas Fees

U_Today

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