Shiba Inu's Shibarium network saw a dramatic 2,024% increase in transaction fees, fueled by a surge in active accounts and a 70% rise in transactions. The escalating costs prompt concerns among SHIB investors about fee sustainability.

Shiba Inu Network Sees 2,024% Fee Spike

Transaction fees on Shibarium, the Shiba Inu ecosystem's layer-2 blockchain, have skyrocketed in the last day. Data from Shibariumscan shows that gas fees have increased from 15.67 BONE to 317 tokens, a whopping 2,024% rise.

For the uninitiated, BONE is the transaction fuel for the Shibarium network and the native token of the ecosystem surrounding the famous meme-inspired cryptocurrency.

SHIB Burn Rates Rise with BONE Fees

Not only does BONE pay for transactions, it is also essential in the process of burning the original Shiba Inu token, SHIB. So, the deflationary characteristic of the SHIB token is exacerbated every time a network transaction uses BONE as a fee; part of that BONE gets converted to SHIB and delivered to a burning wallet.

The average amount of BONE spent on every transaction has witnessed an equally large 1,188% increase, as costs have climbed from 0.00345 BONE to 0.041 BONE, as explained by U.Today. This is in light of the big jump in overall fees.

70% Surge in Shibarium Network Transactions

At the same time, it appears that the surge in fees is associated with a general uptick in network transactions. From 4,537 to 7,715—a 70% increase—the total number of transactions was processed in only one day. From 42 to 108, the number of active accounts using the Shibarium network increased by 157.14% during that time.

Network consumption is on the rise, as expected, due to the growing number of Shibarium users. There are concerns regarding the network's viability in the long run among Shiba Inu owners due to the unexpected spike in transaction expenses.