Shibarium, the layer 2 blockchain, has made a triumphant return after a temporary shutdown, leading to a surge in the price of its native token, Bone Shibaswap (BONE). This relaunch has resulted in significant milestones for the token, including a massive price increase of approximately 17% in the last 24 hours. As a result, BONE holders have seen profitable positions, with 68% reaping substantial gains.
After undergoing reconfigurations and testing, Shibarium officially relaunched and became accessible to the public on Thursday, August 24. The relaunch has propelled the BONE token’s value to $1.40, with a substantial trading volume of over $11 million within 24 hours, as reported by CoinMarketCap.
The increase in the number of BONE addresses to 90,151 demonstrates the growing interest and participation in Shibarium. Additionally, the high burn rates of SHIB tokens indicate active engagement within the ecosystem.
One noteworthy outcome of the price surge is that a significant majority of BONE holders, 68% to be precise, find themselves in a highly profitable position. These holders have witnessed substantial gains as a result of the price increase. On the other hand, 19% of BONE holders are currently experiencing losses, while the remaining 13% have achieved a point of stability, neither gaining nor losing.
Shibarium’s Lead Developer, Shytoshi Kusama, had previously articulated plans to introduce new features and make necessary tweaks to ensure the prevention of future suspensions. Kusama also revealed intentions to integrate a Self-Sovereign Identity (SSI) into Shibarium, adding an extra layer of security and usability.
Arguably the most critical aspect of Shibarium’s relaunch is its attainment of stability. After rigorous testing and parameter adjustments, Shibarium now stands enhanced and optimized. Kusama further stated that additional validators will be added to the network, presenting more staking options for BONE holders. This not only strengthens the network but also empowers users to maximize the benefits of the mainnet.
The SHIB community eagerly awaited the relaunch of Shibarium after its initial launch encountered obstacles, leading to a temporary shutdown. High traffic and a surge in adoption, with over 10 million new wallets registered, were cited as reasons for the suspension. However, Kusama reassured the community that the mainnet only required minor adjustments and would soon be operational, even more robust than its previous release.
Shiba Inu’s native cryptocurrency saw a slight decline in its price performance following Shibarium’s temporary shutdown. Nevertheless, it is currently on a recovery trend and is gaining recognition as one of the most popular meme coins in the crypto space.
The recent relaunch of Shibarium has significantly boosted the number of active addresses on the mainnet, surpassing 50,000. This figure is expected to rise continually as the network gains further traction. Kusama has also made a commitment to increase the layer 2 network’s capacity by 1,500%, which will enhance its safety, decentralization, and overall solidity.
Furthermore, Shiba Inu has expanded its reach by entering new geographical regions to facilitate widespread adoption. Brazilian merchants can now transact with the meme coin through Binance Pay, a cryptocurrency payment technology supported by the Binance exchange.
The relaunch of Shibarium has undoubtedly proven to be a game-changer for the Bone Shibaswap token (BONE). This significant milestone has triggered a substantial price increase, leading to profitable positions for the majority of BONE holders. With the added stability and upcoming enhancements, Shibarium is poised to solidify its position as a prominent player in the layer 2 blockchain space. As the network continues to grow and expand its functionalities, Shiba Inu’s meme coin is poised for future success and continued adoption.
Leave a Reply