Shibarium Blockchain Network Records Remarkable On-Chain Performance

According to U.Today, Shibarium, the blockchain network associated with the Shiba Inu token, has demonstrated a significant increase in on-chain activity. Over the past week, the daily transaction volume on the network has surged by 441%, rising from 2,990 to 13,191. This increase in Shibarium activity is likely due to the recent surge in attention to Shiba Inu tokens amid market fluctuations, leading to an increased demand for transactions and subsequently higher transaction fees. In the past day alone, transaction fees paid in BONE, the network's native token, have increased by 176%. This surge in transactions is a positive development for the SHIB community as it leads to more SHIB tokens being burned. This reduces the overall supply and could potentially increase the value of the remaining tokens. Shibarium operates by using BONE tokens as a gas fee. Each transaction on the network burns a portion of SHIB by converting a part of the BONE fee and sending it to a dead wallet. Furthermore, the number of active accounts on Shibarium has increased from 798 to 836 during the same period. This suggests that existing users are becoming more engaged with the network, contributing to its dynamic growth, despite a slight decline in the number of new accounts. The network's impressive performance this week underscores its growing importance and utility within the Shiba Inu community and is a strong indicator of the network's potential and the confidence of its users.