267% spike in BONE transaction fees on Shibarium may reflect increased activity in Shiba Inu ecosystem
Shibarium, the Layer-2 blockchain solution catering to the Shiba Inu community, has experienced a significant surge in transaction fees, marking a notable 267% increase over the past 24 hours. Data sourced from indicates a substantial rise in gas commissions paid in BONE, the native token of the Shiba Inu ecosystem, from 11.57 BONE to 30.98 BONE.tokens amid recent market fluctuations.
For those who don't know, BONE serves a crucial role within the Shiba Inu ecosystem. Apart from covering transaction fees on the Shibarium network, each transaction involving BONE contributes to the burning of SHIB tokens. A portion of the BONE transaction fee is converted into SHIB tokens and sent to the dead wallet, thereby reducing the overall token supply and potentially increasing scarcity.The implications of this spike in transaction fees prompt important considerations regarding the future trajectory of Shiba Inu's network and its associated tokens.
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