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CryptoIntelligence 2024-05-02 03:19:44

Shibarium’s Transaction Fees Skyrocket 500% Amid Surging Network Activity

Shibarium’s Transaction Fees Skyrocket 500% Amid Surging Network Activity

Shibarium, a Layer-2 blockchain tailored for the Shiba Inu cryptocurrency, has witnessed a dramatic 500% increase in transaction fees within a 24-hour period, as shown by Shibariumscan data. Fees paid in BONE, the native token of the Shiba Inu ecosystem, escalated from 12 BONE to 61.47 BONE. Shibarium’s core functionality involves processing Shiba Inu token transfers, with BONE tokens utilized to pay for transaction costs. Each transaction also aids in reducing the supply of SHIB tokens, as a part of the BONE fees is converted to SHIB and then removed from circulation by being sent to a “dead wallet.” The

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