Shibarium witnesses a historic rise in gas fees ahead of a hard fork

Shibarium witnesses a historic rise in gas fees ahead of a hard fork

Shibarium recently revealed that it was witnessing a historic rise in gas fees. This development coincided with a notable increase in the number of active users.

The network has set the perfect stage for its upcoming L2 scalability solution upgrade. Even before its release, the much-anticipated hard fork is causing massive network shifts.

The L2 scalability solution by Shiba Inu experienced a 500% surge in transaction fees. The latest data shows that its gas fees went from 12 BONE to 61.47 BONE. The stats show how user activity has peaked on Shibarium.

The network’s dedicated token for gas fees is BONE (Bone ShibaSwap). The latest surge has highlighted the Shibarium network’s growing footprint. It marks a crucial phase of adaptation and expansion for the network.

Besides the gas fee hike, Shibarium has also noticed a spike in active users. This week alone, Shibaium has registered a 211% surge in the number of active users. The number has gone up from 1,724 to 3,650.

The surge reflects an increase in participation and interest in Shibarium. That is why SHIB has also experienced a 4.23% price surge in the past 24 hours. The meme coin is currently trading at 0.00002288 dollars. According to the SHIB price forecast, the Shiba Inu crypto can maintain a price of 0.0000250 dollars before the year ends.

This progress can be attributed to a series of recent announcements by the Shiba Inu team. Last month, the network raised 12 million dollars in funding from venture capitalists. In addition, Shiba Inu announced its Layer 3 Privacy Chain, leveraging ZAMA’s FHE technology for security and privacy.

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In addition, the Shiba Inu team has issued a significant update to improve platform accessibility and user experience. Shiba Inu is making waves across the border as the hard fork is set to take place this week.

David Cox: David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.