This week, Shibarium, the blockchain network tied to the Shiba Inu token, showed incredible on-chain performance that may astound the SHIB community. Over the past week, daily transaction volume there has increased by an astounding 441%, from 2,990 at the beginning of the week to 13,191 today.
The increase in Shibarium activity is likely due to the recent surge in attention to Shiba Inu tokens amid market perturbations. As a result, the demand for transactions has increased too, resulting in higher transaction fees. Over the course of the past day, for example, transaction fees paid in BONE increased by 176%.
The surge is a positive sign for the SHIB community. More transactions means more SHIB tokens are burned, reducing the overall supply and potentially increasing the value of the remaining tokens. Shibarium operates through the use of BONE tokens as a gas fee.
Each transaction on the network burns a portion of SHIB by converting a portion of the BONE fee and sending it to a dead wallet.
Moreover, the number of active accounts on Shibarium increased from 798 to 836 during the same period. This indicates that current users are becoming more engaged with the network, driving its dynamic growth, even though the number of new accounts has declined slightly.
The network’s impressive performance this week highlights its growing importance and utility within the Shiba Inu community. This growth is a strong indicator of the network’s potential and the confidence of users.