Shibarium Blockchain From the Team Behind Shiba Inu (SHIB) Sees Unprecedented Levels of Activity

The Shibarium blockchain, from the team behind the popular meme-inspired cryptocurrency Shiba Inu (SHIB), is seeing unprecedented levels of activity

Shibarium, a layer-2 blockchain solution for the Shiba Inu (SHIB) network, has been witnessing exceptional activity levels over the past nine months. According to data from Shibariumscan, the daily transaction volume on the Shiba Inu network reached nearly 3.24 million in the last 24 hours.

However, despite this surge in transactions, a closer examination of the data reveals some anomalies that raise questions about the authenticity of this activity. For instance, while the daily transaction count has increased by 2.540% over the past three days, the number of active accounts has seen a drastic decrease of 95.82%.

On Oct. 22, there were 28,163 active accounts interacting on the network, which has now fallen to only 1,096. This disparity between increasing transactions and decreasing active user accounts is puzzling.

Furthermore, Shibarium, unlike the main Shiba Inu network, utilizes BONE tokens as gas, and a metric that tracks the amount of BONE paid for transactions also showed a substantial increase — rising from just over 327 to nearly 2,400 BONE.

However, it's important to note that Shibarium does not use SHIB as a gas token, but rather BONE. This usage of BONE tokens for gas fees does impact the main SHIB token offering, as a portion of the fees collected in BONE are converted into SHIB and burned.

Shibarium's performance, as displayed by the block explorer, is at its highest point since Feb. 2024. The reason for such an increase is not clear from the data, and its authenticity is also questionable.