Shibarium Just Saw a Double-Digit Surge in Transaction Volume and Fees

May 27, 2024
Shibarium Sees Massive $1 Million Bridged SHIB, Bringing Total to 97 Billion

Shibarium, the layer-2 blockchain solution for the Shiba Inu ecosystem, has witnessed a remarkable double-digit surge in transactions and fees. This uptick underscores the growing interest and activity within the Shiba Inu community, as investors navigate the evolving crypto landscape.

The Shibarium network recorded an unprecedented rise in transaction volume, jumping from 5,150 to 7,930 transactions, reflecting a notable 60% growth, data from Shibariumscan showed. This surge was a testament to the increasing engagement and activity within the Shiba Inu ecosystem.

Alongside the rise in transactions, the fees on the Shibarium network also surged. The amount of BONE tokens used to pay these fees climbed from 16.68 $BONE to 32 $BONE during the same period. The increase in network activity led to higher demand for transaction processing, subsequently pushing up the fees. It showed that users continued to leverage Shibarium for its efficiency and reliability.

On Sunday, the total number of blocks on Shibarium was close to 5 million, or 4.91 million to be accurate, according to data from Shibariumscan. Blocks are files used for storing transaction data on the blockchain. For a block to be confirmed, a transaction had to be validated. Hence, the increase in this metric is a testament to improved validator activity on Shiba Inu’s network.

The heightened activity on Shibarium was evidenced by a 13.7% increase in active accounts on the network, rising from 687 to 781. This growth in active users, despite a slight decline in new account creation, suggested that the existing user base was driving the surge in network activity.

The surge in Shibarium transactions and fees had a significant positive impact on BONE and its holders. As transaction fees on Shibarium are paid in BONE tokens, the increased network activity drove up the demand for BONE, contributing to its price appreciation. 

The recent rise in BONE’s trading volume and market cap reflected this heightened demand. For holders of BONE, this surge translated to increased value of their holdings and potentially higher returns on their investments. Additionally, the positive market sentiment surrounding the Shiba Inu ecosystem and the Shibarium network further solidified investor confidence in BONE’s long-term potential.

The Bone ShibaSwap token was trading at $0.645161 as of 11:31 p.m. ET on Sunday with a 24-hour trading volume of $6,166,338. Bone ShibaSwap was up 2.38% in the last 24 hours, 7.55% up in the past seven days, and 6.86% up in the last 30 days. BONE had a market cap of $148,337,538 and a circulating supply of 229,923,351 BONE, based on data from CoinMarketCap.

Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.
The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

Read More

Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

Leave a Reply

Your email address will not be published.

Previous Story

Silk Road Founder Ross Ulbricht Reacts to Donald Trump’s Campaign Promise

Shiba Inu Emerges from Undervalued Territory, Signaling Potential for Renewed Growth
Next Story

Shiba Inu Could See Over 200% Price Surge by Next Month, Chart Signals Potential Breakout