Shibarium, the layer 2 blockchain, has recently relaunched after a temporary shutdown, and it has brought about positive changes for the BONE token. The token has experienced a massive price increase of approximately 17% within the last 24 hours following Shibarium’s official relaunch on Thursday, August 24. Not only has the price surged, but the number of BONE addresses has also seen a significant rise, reaching 90,151. Additionally, the burn rates of SHIB, the native token of Shiba Inu, have been running high.
The current value of the BONE token stands at $1.40, with a 24-hour trading volume exceeding $11 million as reported by CoinMarketCap. This price shift has proven to be a fortunate turn of events for the majority of BONE holders. According to reports, 68% of BONE holders are currently in a profitable position and can expect substantial gains. On the other hand, 19% find themselves in the red, struggling with losses, while the remaining 13% are experiencing a point of stability with no significant profits or losses.
Shibarium’s Lead Developer, Shytoshi Kusama, had previously shared plans to add new features and make tweaks to ensure the prevention of future suspensions. In line with this, Kusama announced that the Shiba Inu team intends to integrate Self-Sovereign Identity (SSI) into Shibarium. This integration, along with other optimizations, has brought the recently relaunched layer 2 blockchain to a state of stability. Users can now enjoy all the benefits of the mainnet, including more options for BONE staking.
Kusama stated, “After two days of testing and tweaking parameters to achieve a ‘ready’ state, Shibarium is now enhanced and optimized. Additional validators will go live, giving even more options for you to stake your BONE.” This development comes as a relief to the SHIB army, as Shibarium had experienced a rocky start, resulting in a temporary halt of its operations. The network suspension was primarily caused by high traffic and an overwhelming increase in adoption, which saw over 10 million new wallets registered on the platform.
However, Kusama reassured the SHIB community that the mainnet was undergoing necessary tweaks and adjustments. The relaunched network is expected to be stronger than ever, proving its resilience and improved performance. The temporary shutdown did have a slight negative impact on the price performance of Shiba Inu. Nevertheless, the cryptocurrency is currently on a recovery trend and has gained popularity as one of the trendiest meme coins in the crypto space.
Since the relaunch, the Shibarium mainnet has witnessed a surge in active addresses, surpassing the 50,000 mark. This figure is expected to continue rising as more users explore the improved capabilities of the network. Lead developer Kusama has also made a commitment to increase the layer 2 network’s capacity by an impressive 1,500%. This expansion aims to enhance safety, decentralization, and overall solidity of the network, further boosting investor confidence.
In addition to the relaunch of Shibarium, Shiba Inu has been making notable strides in the crypto space. The meme coin has ventured into new geographical regions to foster better adoption. Brazilian merchants can now access Shiba Inu through Binance Pay, a cryptocurrency payment technology supported by the Binance exchange. This expansion into international markets opens up new opportunities for the meme coin to gain traction and increase its user base.
As the BONE token continues to experience positive momentum and Shibarium consolidates its stability, the future looks promising for both investors and users. The relaunch has proven successful in addressing the challenges faced during the network’s initial release. With the implementation of new features and the commitment to further improvements, Shibarium and Shiba Inu aim to solidify their positions in the ever-evolving crypto landscape.
Shibarium’s comeback and relaunch have injected fresh vitality into the BONE token, leading to a substantial increase in price. The surge in active addresses on the Shibarium mainnet further reinforces the positive sentiment towards the network. As both Shibarium and Shiba Inu continue to grow and expand their reach, the crypto community eagerly anticipates their future developments. With stability achieved and new features introduced, Shibarium is poised to provide enhanced services, offering users more options for BONE staking. As the meme coin market gains momentum, Shiba Inu solidifies its position as a prominent player, leveraging its popularity and expanding into new markets. Time will tell how these projects evolve, but for now, Shibarium’s relaunch has shown great promise for the BONE token and the overall ecosystem.