Shiba Inu (SHIB) Token Surges 32,500% in just 30-days, Congests Ethereum Blockchain, and Fees Skyrockets
The price of the Shiba Inu (SHIB) token has skyrocketed by a whopping 32,500% in the last 30-days. The trading craze of this previously obscure token, which was developed for aping the success of Dogecoin (DOGE), has congested Ethereum’s (ETH) network. This also made the transaction fees on the Ethereum network increase to prohibitively high levels. At press time, the Ethereum fees jumped to US$9.
On average, the users had to pay US$28 in fees for transferring ERC-20 tokens. These tokens represent the vast majority of assets on the blockchain which are not Ether (ETH) coins. Meanwhile, at one point the average token swap cost on Uniswap (a decentralized exchange) skyrocketed to around US$260.
Many analysts believe that one of the main reasons that contributed to the congestion of the Ethereum blockchain was the incredibly high trading volume of SHIB. He said while responding to the skyrocketing transaction fees of the Ethereum network, crypto analyst Larry Cermak said:
“Ah shit, here we go again, Is the SHIB token causing this? Seeing that pop up a lot of high gas transactions. Dafuq is it?”
He went on to say:
“Looks like some TikTok influencer smoothbrain is shilling it and it’s causing gas to spike? No fu****g idea why now and why it has $1 billion of volume on Uniswap today,”
Shiba Inu (SHIB) token grabbed the attention of traders yesterday after its price jumped by more than 500% yesterday. CoinMarketCap’s data shows that the price reached an all-time high (ATH) at US$0.0000195 Just a month back, its price was hovering around US$0.00000006, which is around 1/325th fraction of its recent ATH.
Yesterday, Uniswap’s daily volume was $2.4 billion. On-chain data showed that the SHIB-ETH trading pair accounted for around half of yesterday’s daily volume. In terms of market capitalization, SHIB currently ranks at 30th position.
SHIB developers are projecting this token as a “Dogecoin killer”. They stated:
“SHIB token allows users to hold Billions or even Trillions of them. Nicknamed the DOGECOIN KILLER, this ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time (relatively speaking).”
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