The Shibarium blockchain, from the team behind the popular meme-inspired cryptocurrency Shiba Inu (SHIB), is seeing unprecedented levels of activity over the past nine months, with all metrics spiking by literally hundreds and thousands of percent over the past few days.

Thus, according to Shibariumscan, the volume of daily transactions on the Shiba Inu network in the last 24 hours totaled nearly 3.24 million. At the same time, a metric that shows the amount of BONE tokens paid as gas for transactions showed a colossal increase - from just over 327 to nearly 2,400 BONE. 

It may come as a surprise, but Shibarium does not use SHIB as a gas token, but BONE. However, this still affects the main Shiba Inu token offering, where a portion of the fees collected in BONE are further converted into SHIB and sent to a dead address for burning. 

Shibarium's performance, as displayed by the explorer, is the highest since February 2024. The reason for such an increase remains a big mystery, and its authenticity is questionable. 

Legit check

Why, for example, when the daily number of transactions increases by 2.540% in three days, is the number of active accounts decreases by a whopping 95.82%? In fact, the number of accounts interacting on Shiba Inu's network from Oct. 22 to today has dropped to 1,096. 

What is really behind these anomalous spikes and millions of transactions in Shibarium? While the project team has not commented in any way, it is doubtful that all this activity is legitimate and that there are indeed millions of user transactions in this layer 2.

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.