Shiba Inu’s blockchain solution, Shibarium, has witnessed a dramatic surge in transaction fees in recent days, according to data from Shibariumscan. This unexpected development coincides with the launch of a pumpfun-inspired platform for the meme coin.
On August 29th, 2024, reports emerged highlighting a staggering 1,036% increase in the average transaction fees on Shibarium. This translates to a jump from 0.012 BONE tokens per transaction to a significantly higher cost of 0.1168 BONE tokens.
BONE, the native token of the Shiba Inu ecosystem, plays a critical role in the network’s operation. It functions as the primary fee for transactions processed on the Shibarium blockchain. Notably, a portion of each transaction fee is automatically converted and deposited into a burn wallet, effectively reducing the overall supply of Shiba Inu (SHIB) tokens and contributing to its deflationary nature.
Increased Usage or Price Barrier?
While the surge in transaction fees signifies increased activity on the Shibarium network, it also raises concerns about the long-term cost implications for users. This significant price hike could potentially dissuade some from utilizing the platform.
Pumpfun’s Shiba Inu Spinoff Fuels Demand for BONE
Analysts speculate that the surge in BONE expenditure might be directly linked to the launch of a pumpfun-like platform specifically designed for SHIB. Pumpfun, a decentralized exchange platform, allows users to list meme coins with the potential for further listing on larger exchanges upon achieving sufficient liquidity. This newly launched SHIB-focused platform operates on Shibarium and utilizes BONE tokens for its functionalities.
If this theory holds true, the demand for BONE could experience further growth as the popularity of “fair launch” platforms continues to gain traction. However, as the pumpfun example demonstrates, the quality of assets offered through such platforms can be questionable and may lack strong fundamentals.
BONE vs. Questionable Assets: A Balancing Act
While BONE has established itself as a somewhat reliable asset within the Shiba Inu ecosystem, some experts advise caution regarding its use on platforms offering potentially dubious cryptocurrencies.
The future trajectory of Shibarium and BONE remains to be seen. The recent fee increase presents a potential barrier for users while simultaneously indicating increased network activity. Ultimately, navigating the hype surrounding “fair launch” platforms and ensuring the quality of projects utilizing BONE will be crucial for the long-term success of Shibarium and the Shiba Inu ecosystem as a whole.
