Shibarium, the Ethereum Layer 2 scaling solution for Shiba Inu is exploding with a notable surge in network activity. This activity is tied to the transaction fee boom and a substantial rise in new transactions. The uptick highlights the increasing interest in Shiba Inu and potential wider adoption.
Significant Increase in Transaction Fees
As per data provided by Shibarium Scan, the transaction fees on Shibarium recorded an impressive 38.10%, climbing from 16.22 BONE on June 17 to 78.18 BONE on June 23. The spike in fees signals a rise in user engagement with Shiba Inu-related applications and services.
Meanwhile, the average block size on the Shibarium network jumped by 28.76% in the same period under review. The growth is an indication that more transactions are being included in each block, demonstrating the increasing demand and usage of the network. To guarantee seamless functionality of the blockchain, larger block sizes are crucial for handling higher transaction volumes.
On June 17, 5,865 transactions were recorded on Shibarium. Remarkably, on June 22, it soared to 16,337, representing an astonishing 178.55% increase. All of these represent the transaction growth and adoption by both developers and users.
The increased activity also signals that more individuals are utilizing the network for Decentralized Finance (DeFi) applications, Non-Fungible Tokens (NFTs), and other blockchain-based services.
Implications for Shibarium’s Growth
The significance of these metrics suggests Shibarium’s growing prominence in the crypto space. With an explosion in transaction cost, a significant rise in block size, and new transactions, there is clear demand for Shibarium. Additionally, it attests to increased confidence in the Shiba Inu ecosystem.
Analysts predict a likely expansion of the platform despite the bearish performance it witnessed in the month of June. They are optimistic that in the long run, Shiba Inu will bounce back.
SHIB has faced recent challenges, with a 15.42% decline over the past week and a more significant 28.84% drop over the last 30 days. As of the time of writing, data from CoinMarketCap reveals Shiba Inu dipped by 5.58% to $0.00001687 in the past 24 hours with a market capitalization of $9.97 billion.
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