Shibarium Relaunch Drives BONE Price Up by 17%: What You Need to Know

Shibarium Relaunch Drives BONE Price Up by 17%: What You Need to Know

Shibarium, the layer 2 blockchain, has recently made a triumphant return after a temporary shutdown. This relaunch has sparked a significant surge in the price of Bone Shibaswap (BONE), with the token experiencing a remarkable 17% increase in just 24 hours. The reopening of Shibarium to the public on August 24 has not only driven up the BONE price but has also led to a substantial growth in the number of BONE addresses, which now stands at 90,151.

As of now, the BONE token is valued at $1.40 and has witnessed a robust 24-hour trading volume of over $11 million, according to CoinMarketCap. This price shift has proved to be immensely profitable for the majority of BONE token holders, with an impressive 68% of them currently sitting in a highly lucrative position and expected to enjoy significant gains. However, it is worth noting that around 19% of BONE holders are facing losses, while the remaining 13% find themselves in a more stable position with neither profits nor losses.

Shibarium’s Improvements and Plans

Shytoshi Kusama, Shibarium’s Lead Developer, has recently outlined plans for enhancing the platform to avoid future suspensions. These improvements include the integration of a Self-Sovereign Identity (SSI) into Shibarium’s infrastructure. Kusama has also affirmed that the layer 2 blockchain has achieved a state of stability after extensive testing and tweaking, enabling users to take advantage of all the benefits offered by the mainnet, such as an expanded array of options for BONE staking.

The launch of Shibarium’s Ethereum layer 2 solution was initially marred by setbacks, leading to a temporary suspension of its operations. This move was prompted by the overwhelming rise in adoption, with over 10 million new wallets being registered on the platform. However, Kusama reassured the SHIB community that the mainnet was undergoing necessary adjustments and would soon be relaunched in a much stronger state than before.

Following Shibarium’s temporary shutdown, the performance of the Shiba Inu cryptocurrency experienced a slight decline. Nonetheless, it is currently on a recovery trend and has emerged as one of the most popular meme coins in the crypto space. The recent relaunch of Shibarium has been instrumental in driving up the number of active addresses on its mainnet to over 50,000, and this figure is expected to continue its upward trajectory. Additionally, Lead Developer Kusama has made a commitment to increasing the layer 2 network’s capacity by a staggering 1,500%, thereby bolstering its safety, decentralization, and reliability.

Expanding Horizons for Shiba Inu

Shiba Inu has also been making notable strides outside the realm of Shibarium. The meme coin has started to expand its reach into new geographical regions, aiming to foster greater adoption. For instance, it has become available to Brazilian merchants through Binance Pay, a cryptocurrency payment technology supported by the Binance exchange.

The relaunch of Shibarium has undeniably had a profound impact on the price and adoption of the BONE token. With a significant surge in its value and a growing number of addresses, the future looks promising for both Shibarium and its users. As the Shiba Inu community eagerly awaits further developments and enhancements, it can rest assured that Shibarium is committed to providing a stable, innovative, and rewarding experience for all stakeholders.

Bitcoin

Articles You May Like

The Rise of Brazil’s Central Bank Digital Currency (CBDC) and Its Implications
The Legal Battle Surrounding Dogecoin and Potential Price Predictions
Binance.US Slams SEC’s “Baseless” Lawsuit as Attempt to Eradicate Crypto Industry
A Deep Dive Into the Recent FTX Wallet Transfers: Is a Sell-Off on the Horizon?

Leave a Reply

Your email address will not be published. Required fields are marked *