Shiba Inu Network Sees 2,024% Fee Spike

Transaction fees on Shibarium, the Shiba Inu ecosystem's layer-2 blockchain, have skyrocketed in the last day.

Shiba Inu's layer-2 blockchain, Shibarium, has seen a dramatic increase in transaction fees, with a 2,024% spike observed over the last day. According to data from Shibariumscan, gas fees have surged from 15.67 BONE to 317 tokens.

The transaction fee on the Shibarium network is paid in BONE, the native token of the Shiba Inu ecosystem. Notably, BONE is also used to burn the original Shiba Inu token (SHIB), as a portion of the BONE used as a transaction fee is converted into SHIB and sent to a burning wallet.

As a result of the increased network activity, the average transaction fee has also witnessed a significant 1,188% rise, climbing from 0.00345 BONE to 0.041 BONE.

The surge in fees appears to be linked to a broader uptick in network transactions, which have surged by 70% in just one day. The total number of transactions processed on the network has increased from 4,537 to 7,715. Additionally, the number of active accounts using the Shibarium network has also surged, rising from 42 to 108, indicating a 157.14% increase.

As network consumption rises due to the increasing number of Shibarium users, concerns are being raised among SHIB investors regarding the long-term sustainability of the network's fees, especially considering the unexpected spike in transaction costs.