Shiba Inu’s Shibarium Makes Waves with 60% Surge in Key On-Chain Metric

The Shibarium network within the Shiba Inu ecosystem has experienced a significant surge in activity, particularly in its transaction volume and network fees over the past 24 hours. Transaction volume on the Shibarium network has increased by 60%, rising from 5,150 to 7,930. This uptick in transaction volume has resulted in a notable increase in network fees, with the amount of BONE tokens used for fees rising from 16.68 BONE to 32 BONE during the same period.

In the Shibarium transaction model, BONE tokens are utilized for transaction fees, and a portion of these tokens is converted into SHIB tokens, which are subsequently burned. This burning process reduces the circulating supply of SHIB tokens, potentially impacting their price positively over time.

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Several factors are contributing to this surge in network activity. Recent market volatility has led to increased investor interest in Shiba Inu tokens, consequently driving up transaction demand on the Shibarium network.

This heightened activity is reflected in a 13.7% increase in active accounts on the network, climbing from 687 to 781. Interestingly, while the number of active users has grown, new account creation has slightly decreased, indicating that existing users are the primary drivers of this surge in activity.

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It appears that the combination of rising transaction volumes and the systematic reduction of SHIB tokens through burning are propelling the network’s growth and potential for future value appreciation. This dynamic is likely motivating SHIB enthusiasts to stay involved and continue investing in the Shiba Inu network.

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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.