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Shibarium Official’s Warning About Fees Comes True: Details

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Shibarium Official's Warning About Fees Comes True: Details

  u.today 22 September 2023 09:37, UTC

Shibarium Official's Warning About Fees Comes True: Details

After the Shibburn tracker of transactions, which takes SHIB tokens to dead wallets, announced the launch of a new page for tracking preparations for burns on Shibarium, a new report has come out about gas fees going up quite substantially. However, the rise in fees was recorded during quite a short period of time.

Shibarium fees jump high

Shibburn admitted that its first estimate on BONE fees on the Layer-2 blockchain Shibarium that was provided when it shared the link for the first time on its X app page «wasn’t too far off based on the average fee first.»

However, the X post continues, on Sept. 21, its tracker did the calculation of blocks from last week. The newly obtained data showed that transactions on Shibarium, particularly on Sept. 12 and 13, used gas fees that were much higher than usual. Some of them jumped up to 60%-70% of the permitted gas limit of 20,000,000.

Shibburn stated that its calculation takes into account all transactions on the Layer-2 network, and since the majority of them paid much lower gas fees, its estimate of the above-mentioned two days’ gas remains high.

You may have noticed that our previous estimate on Shibarium wasn’t too far off based on the average fee at first, until yesterday when the tracker calculated blocks from last week. The transactions during that time, especially around September 12 and 13, had significantly higher… pic.twitter.com/MIrslUbo7r

— Shibburn (@shibburn) September 22, 2023

Shibarium fees would rise on increased usage

Earlier this month, the official marketing expert of the SHIB team, calling herself Lucie, warned the SHIB community that as soon as the Shibarium user base expands greatly along with utility, gas fees on it may go up. Still, this way, Shibarium will even better help burn Shiba Inu coins since more BONE will be set aside from the fees for SHIB burning. So far, 0.5 BONE have been accumulated from fees for burns.

SHIB burn rate spikes, close to 200 million coins destroyed

The same burn tracker also reported that over the period of the last 24 hours, the joint efforts of the Shiba Inu community have led to the destruction of a hefty SHIB chunk; 182,336,616 SHIB meme coins were transferred to unspendable blockchain addresses. This propelled the burn rate up by almost 40%, per data provided by the Shibburn website.

Shibarium Official's Warning About Fees Comes True: Details

Around two-thirds of this massive chunk of meme coins was burned in a single transfer around 16 hours ago. Back then, 137,457,044 Shiba Inu were locked in a dead SHIB wallet and thus moved out of circulation forever.

On Thursday, U.Today reported a much higher rise of the SHIB burn rate; it managed to rise by 320% compared to the previous day, with slightly more than 130.5 million SHIB transferred to dead-end wallets.

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