Gas Prices Skyrocket 2,050% On Shibarium In Just Two Days

Amazingly, gas prices on Shibarium, the blockchain underlying the Shiba Inu (SHIB) digital asset, soared an outstanding 2,050% in just two days, increasing from 200 to 600 Weis, depending on the transaction. This high volume shows a sign of the network’s popularity and skyrocketed state of affairs.

Based on Shibariumscan, a website displaying the Shibarium platform activity, commission gas costs rapidly rose from 18 to 37.6 over 24 hours. The steep increase after a surge in the gas fee rate on the second day to 1.84 gwei, the case of Shibarium, through which the tempo of transactional usage is growing in such an amazing way, is evidence of this.

The root reason for such a gas price growth is the network becoming overloaded. To the day, the volume of all Shibarium transactions increased by 102%, as shown by the data of 9,750 transactions on Shibarium to 10,770. On the other hand, the network experienced a sharp 254% growth in active accounts systematically joining while it onboarded 473 brand-new accounts.

Source: Shibariumscan

BONE Token Resilience Amidst Gas Fee Surge In Shibarium

Transactions on Shibarium are facilitated through BONE, the secondary token within the Shiba Inu ecosystem. Remarkably, despite the astronomical rise in gas fees, the exchange rate of BONE has remained relatively stable, hinting at the market’s resilient response to this development.

Source: CoinMarketCap

However, BONE did experience a notable 14.86% price surge during the previous week, indicating underlying strength within the broader Shiba Inu ecosystem and reflecting investors’ confidence in the network’s growth potential.

The sudden and dramatic surge in gas prices on Shibarium underscores the growing demand and activity within the network, albeit at a significant cost to users. As the Shiba Inu ecosystem continues to evolve and expand, attracting more users and transactions, the community closely monitors these developments, anticipating further implications for token dynamics and market sentiment.

This event is a testament to Shibarium’s rapidly increasing popularity and adoption, solidifying its position as a prominent player in the cryptocurrency landscape. These soaring gas prices might impact the network’s overall user experience and long-term sustainability; however, we have yet to see the extent of this impact.

Related Reading | $GUMMY Gold Rush: From $9,770 To $10 Million In A Day

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.

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