Shibarium Network Shows Impressive On-Chain Performance: A Weekly Overview
This week, Shibarium, the blockchain network associated with the SHIB token, has demonstrated remarkable on-chain performance that might astonish the SHIB community. Over the past week, the daily transaction volume has surged by an astounding 441%, increasing from 2,990 transactions at the beginning of the week to 13,191 transactions today.
This spike in Shibarium activity is likely due to the recent surge in interest in Shiba Inu tokens amidst market turmoil. Consequently, the demand for transactions has also risen, leading to higher transaction fees. For instance, transaction fees paid in BONE have increased by 176% over the past day.
The rise in transactions translates to more SHIB tokens being burned, thereby reducing the total supply and potentially increasing the value of the remaining tokens. Shibarium operates by utilizing BONE tokens as gas fees. Each transaction on the network burns a portion of SHIB by converting a part of the BONE fees and sending it to a dead wallet.
Additionally, the number of active wallets has grown from 798 to 836 during the same period. This indicates that existing users have become more engaged with the network, contributing to its dynamic growth despite a slight decrease in new account registrations.
The impressive performance of the network this week highlights its growing significance and utility within the Shiba Inu community. This growth is a strong indicator of the network’s potential and user confidence.
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