Epic 441% Surge Takes Shibarium Activity to New Heights
In a stunning turn of events, Shibarium, the blockchain network affiliated with the Shiba Inu token, has experienced an unprecedented surge in on-chain activity that has left the SHIB community astounded. Over the course of just one week, daily transaction volume on Shibarium has skyrocketed by an astounding 441%, going from 2,990 transactions at the start of the week to an astonishing 13,191 transactions today.
The surge in Shibarium activity can largely be attributed to the recent surge in interest in Shiba Inu tokens amidst market turbulence. As a result, the demand for transactions has surged as well, leading to an increase in transaction fees. For instance, in the past day alone, transaction fees paid in BONE tokens have shot up by an impressive 176%.
This surge in activity is undoubtedly a positive sign for the SHIB community. More transactions on the network equate to more SHIB tokens being burned, thereby reducing the overall supply and potentially driving up the value of the remaining tokens. It’s worth noting that Shibarium operates on the back of BONE tokens, which are utilized as gas fees for transactions. With each transaction, a portion of SHIB is burned by converting a portion of the BONE fee and sending it to a dead wallet.
Furthermore, the number of active accounts on Shibarium has experienced a slight uptick, rising from 798 to 836 during the same timeframe. This suggests that existing users are becoming increasingly engaged with the network, fueling its dynamic growth, even if the number of new accounts has seen a minor decrease.
The remarkable performance exhibited by Shibarium this week serves as a testament to its growing significance and usefulness within the Shiba Inu community. This exponential growth is a strong indicator of the network’s potential and the unwavering confidence of its users.