Shiba Inu's Shibarium Achieves 450% Jump in New Users Within 24 Hours

Shibarium experiences a 450% jump in new users, enhancing Shiba Inu network. Credit: EconoTimes

Tuesday, July 16, 2024 6:05 PM UTC

The current situation is that the number of new accounts for each time under evaluation has surpassed the 27 mark, although the number of new accounts was just 6 the day before. Increasing interest in the network is reflected in the spike in the number of new users. In addition to this, the total number of active accounts increased by 23%, going from 489 to 602 over the period of time.

Fee Increase in BONE Tokens

U.Today shares that it is interesting to note that this surge in new users coincided with an increase in the amount of tokens paid as fees using BONE, which is Shiba Inu's native token. Consequently, the fees associated with transactions went up from 19.31 BONE to 40.14 BONE.

This token is used as a gas fee for transactions in Shibarium, and a portion of each fee is converted to SHIB and burned. This results in a reduction in the overall supply of the token, which causes it to be deflationary.

Transaction Activity Surge

In response to the rush of new accounts and the increased transaction amounts, the network witnessed an increase in the quantity of activity that occurred within transactions. To put that into perspective, the number of transactions has skyrocketed to 4,319 per day, which is a 35.6% increase from the previous day.

It's possible that new users are joining the network in order to investigate the platform or to acquire BONE and SHIB tokens, which will ultimately help the network as a whole. It is likely that the recent price behavior of Shiba Inu tokens is the basis for the revived interest in Shibarium, which has been observed recently.