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Shiba Inu’s Shibarium Skyrockets 60% in Key On-Chain Metric in 24 Hours

The Shiba Inu ecosystem has witnessed a notable rise in activity on its Shibarium network, marked by an increase in a key blockchain metric over the last 24 hours. Shibariumscan reports that transaction volume jumped from 5,150 to 7,930, reflecting a notable 60% growth.

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This spike in transaction volume has concurrently led to a sharp increase in network fees. The amount of BONE tokens used to pay these fees climbed from 16.68 BONE to 32 BONE during the same period.

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As per Shibarium’s transaction model, BONE are used for transaction fees, and a portion of these tokens is converted into SHIB, which are then burned. This burning process decreases the circulating supply of Shiba Inu tokens, potentially boosting their price over time.

Source: Shibariumscan

Several elements are driving this surge in network activity. Recent market volatility has heightened investor interest in Shiba Inu tokens, leading to an increase in transaction demand on Shibarium.

Source: Shibariumscan

This heightened activity is evidenced by a 13.7% increase in active accounts on the network, rising from 687 to 781. Notably, while active user numbers grew, new account creation slightly declined, suggesting that the existing user base is fueling this surge in activity.

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It seems that the dual advantages of rising transaction volumes and the systematic reduction of SHIB tokens through burning are driving the network’s growth and potential for future value appreciation. This dynamic is likely encouraging SHIB enthusiasts to remain engaged and continue investing in the Shiba Inu network.

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