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Shibarium, the backbone of Shiba Inu's blockchain, has recorded a 1,036% jump in transaction fees, underscoring a dramatic increase in the network's utilization, likely fueled by Shiba Inu-specific apps.
Shibarium Fee Hike Hits 1,036%
Shijiba Inu's blockchain solution, Shibarium, has seen its average transaction fees actually skyrocket in the last few days, according to data from Shibariumscan.
The amount of BONE spent on each transaction has increased significantly, rising from 0.012 to 0.1168 tokens, a rise of 1,036%. The Shiba Inu's native token, BONE, is crucial to the network's operation.
On the Shibarium blockchain, BONE is used as a token for transaction fees.
SHIB Becomes Deflationary
Tokens representing Shiba Inu are automatically generated and sent to a burn wallet as a small percentage of each transaction cost. The supply of SHIB is depleted, causing the meme cryptocurrency to become deflationary.
An increase in transaction fees indicates more network usage, but it also begs the question of how much it really costs to use Shibarium.
Shiba Inu Applications Impact Fees
Per U.Today, the introduction of Shiba Inu-specific applications like pumpfun and sunpump may explain this surge. The basic idea is to list a meme coin, and if it becomes liquid enough to meet the bonding curve, other decentralized exchanges will list it as well.
Shibarium and BONE are the backend systems of the recently released platform.
Fair Launch Buzz Could Boost BONE
If that's the case, the "fair launch" platform buzz might drive up demand for BONE even more.
But as we saw with pumpfun, the assets deployed in this manner are not of a quality that would warrant investment.
You might as well not invest BONE in some dubious cryptocurrencies that lack fundamentals, even though BONE is a somewhat established asset in and of itself.
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