Shiba Inu: Shibarium Fee Warnings Prove Accurate

Vignesh Karunanidhi
Shiba Inu Price Prediction (SHIB): November 2023
Source: The Cryptonomist

In a recent development, Shibburn, the tracker of Shiba Inu burn transactions, has unveiled a new feature dedicated to monitoring preparations for burns on the Shibarium blockchain. While this announcement has garnered attention within the crypto community, it is accompanied by a report of a sudden spike in gas fees on the platform.

Gas Fees on Shibarium Experience a Swift Ascent

Shibburn initially estimated BONE fees on Shibarium’s Layer-2 blockchain, a prediction that was reasonably close to the actual average fee upon its first release. However, the situation took an unexpected turn on September 21, when Shibburn recalculated the data from the previous week. This revised data revealed an alarming surge in gas fees, particularly on September 12 and 13.

During these two days, gas fees on Shibarium soared to levels well above the norm. Some transactions witnessed a staggering increase of 60% to 70% above the permitted gas limit of 20,000,000. Shibburn clarified that their calculations encompassed all transactions on the Layer-2 network. Despite the majority of users paying significantly lower gas fees, the calculations for these two specific days remained notably high.

Shiba Inu burn rate surges by 600%

According to the latest data from Shibburn, the burn rate of SHIB has witnessed a notable surge of over 620% in the last 24 hours. During this period, 194 million Shiba Inu were sent to dead wallets.