Oct 4, 2024

6thTrade

An unusual on-chain event has hit Shibarium, the layer-2 blockchain rollup designed to support the Shiba Inu (SHIB) ecosystem. According to Shibariumscan data, the average price of gas on the Shibarium network has spiked by a staggering 2,777% over the last 24 hours. The gas price per transaction, measured in gwei, has soared from 9.94 gwei to an eye-watering 275.5 gwei within a single day.

However, this surge in gas price comes with a strange twist: instead of network activity increasing in tandem with higher gas prices, Shibarium has seen a drop in transaction numbers. The daily transactions have dropped from 7,502 the previous day to just 3,802, with forecasts suggesting that the number could dip even further to 2,559 transactions by the end of today. $SHIB

What's Behind the Gas Price Anomaly?

The jump in gas prices amid declining transaction numbers has left many observers puzzled. Usually, when gas prices spike, it's because of increased demand—more users, more transactions, higher costs. But in Shibarium’s case, the opposite is happening. This raises an intriguing question: why are gas fees skyrocketing while activity is diminishing?

Even more perplexing is that Shibarium’s native token, BONE, hasn't followed the same pattern. Despite the spike in gas fees in gwei, the average transaction fee in BONE has actually dropped, aligning with the decrease in the total number of transactions.

Possible Explanations for the Anomaly

One potential explanation for the discrepancy lies in Shibarium's architecture. Since Shibarium is an EVM (Ethereum Virtual Machine) blockchain built on top of Ethereum, its gas dynamics are indirectly influenced by Ethereum’s underlying conditions. However, Ethereum's gas prices have fallen in recent days, adding to the mystery of why Shibarium is seeing such a stark divergence.

Another possibility could be an issue with the display or recording of gas statistics. But interestingly, the anomaly seems specifically related to the price in gwei, while the transaction data and BONE fees remain consistent with the observed decrease in activity. This suggests that, whatever the issue is, it’s not a simple misreporting of all metrics across the board.

Conclusion

The surge in gas fees on Shibarium while network activity declines points to an unusual on-chain event that currently lacks a clear explanation. Whether it's a technical issue or some market-driven behavior, it’s certainly raising eyebrows within the Shiba Inu and broader crypto community. As users and investors try to make sense of this anomaly, all eyes are on Shibarium to see how—or if—the network stabilizes in the coming days.

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