- Shibarium gas fees surged, exceeding 60% to 70% of the gas limit.
- The SHIB token burn rate spiked, with over 182 million coins destroyed in 24 hours.
- Shibarium’s rapid growth to over one million wallets signals a potential price surge and highlights DeFi interest.
In a recent turn of events, Shibarium, the layer-2 blockchain that has been capturing the crypto community’s attention, finds itself in the spotlight once again. This time, it’s not just the explosive growth of its user base that’s making headlines but also the surging gas fees and an impressive surge in the Shiba Inu (SHIB) token burn rate.
Shibburn, the Shiba Inu burn tracker, recently revealed that Shibarium’s September 12 and 13 gas fees skyrocketed, surpassing 60% to 70% of the permitted gas limit of 20,000,000. This unexpected surge in gas fees was a surprise, considering the initial estimates were not far off the mark. Shibarium’s layer-2 network witnessed an influx of transactions during this period, leading to higher user gas fees.
On a parallel note, the SHIB community has been actively participating in the burning of SHIB tokens. In the last 24 hours, an astonishing 182,336,616 SHIB tokens were transferred to unspendable blockchain addresses, propelling the burn rate up by almost 40%. This fervent burning activity indicates a strong commitment to reducing the circulating supply of SHIB tokens.
Shibarium’s rapid expansion to over one million wallets underscores its growing popularity and utility. This achievement reflects Shibarium’s potential and signifies the broader trend toward decentralized finance (DeFi) and blockchain technology. The ever-increasing user base could surge SHIB token prices as more BONE tokens are set aside for burning transaction fees.
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