The world of cryptocurrencies is witnessing a whirlwind of activity, and at the center of this storm is Shiba Inu. Riding high on the popularity of meme coins, the Shiba Inu ecosystem has experienced a remarkable surge in engagement, particularly on its layer-2 blockchain platform, Shibarium.
Shibarium has seen its transaction fees spike by a staggering 500% in the past few days. This surge in fees, coupled with a remarkable 211% increase in active accounts, paints a picture of a rapidly evolving ecosystem that is capturing the attention of investors and enthusiasts alike. This article delves into the implications of these developments for Shiba Inu and its ecosystem.
According to data from Shibariumscan, the native token of the Shiba Inu ecosystem, BONE, has witnessed a remarkable surge in transaction fees. Gas commissions paid in BONE have surged from 12 BONE to a remarkable 61.47 BONE, marking a fivefold increase within a single day. This transaction fee surge indicates the heightened network activity on Shibarium, as users flock to participate in the Shiba Inu ecosystem.
Accompanying the surge in transaction fees is a notable increase in active accounts on Shibarium. Within the same 24-hour window, active accounts on the platform surged by an astounding 211%, jumping from 1,724 to 3,650. This surge in active accounts indicates a significant uptick in user engagement as more individuals participate in the Shiba Inu ecosystem.
The surge in transaction fees and active accounts on Shibarium raises essential questions about the future of Shiba Inu and its ecosystem. Will this increased activity lead to further growth and adoption of Shiba Inu tokens? How will Shibarium adapt to accommodate the growing demand while maintaining efficiency and scalability? Moreover, what impact will these developments have on the broader crypto market, particularly amidst the current market volatility?
Meme Coin Market Outlook
Dogecoin (DOGE), the largest meme cryptocurrency, has recently faced a steep decline but has surged by almost 14% within 7 days. Currently, DOGE is trading at an average price of $0.15, marking an 83% decrease from its all-time high of $0.737 recorded on May 8, 2021. Despite this, its 24-hour trading volume has surged by 13% to reach $1.1 billion, maintaining a market cap of $18 billion.
On the other hand, Shiba Inu, the second-largest meme coin, has also experienced challenges despite a notable 104% surge year-to-date. SHIB’s price soared by over 4% in the last 24 hours. This recent downturn comes after SHIB’s impressive 134% gain in the last 90 days, indicating a shift in market sentiment. Currently trading at an average price of $0.0000233, SHIB’s 24-hour trading volume has increased by 20% to $371 million, with a market cap of around $13.7 billion.
Similarly, the newly emerging meme coin PEPE saw a remarkable surge of over 560% in the last 90 days. However, the recent market slump has led to a 22% drop over the past week, followed by an 11.26% increase in the last 24 hours. Despite this, PEPE is still the third-largest meme crypto, trading at an average price of $0.000008514. Its 24-hour trading volume has risen by 18% to $900 million, maintaining a market cap of $3.58 billion.
