During the last week, the value of the BONE currency, which is used in the Shiba Inu system, has increased by 20%. As a result, it is considered to be one of the alternative cryptocurrencies that have fared the best.
This stands immoderate to the cryptocurrency market, which went through a period of the tremendous alliance at this time. Over the last two weeks, there have been a few encouraging new developments for BONE.
This includes the upcoming launch of Shibarium, a layer-two blockchain, as well as the latest listings on leading trading platforms.
Shibarium announcement raised bone prices
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Since its introduction, the layer-2 blockchain known as Shibarium has garnered considerable interest as a game-changer for the Shiba Inu ecosystem.
Since it was announced in 2018 that construction would begin in 2022, a great deal of anticipation has surrounded its launch.
A YouTuber’s rumors concerning Shibarium were recently confirmed to be true by the primary developer of Shiba Inu.
The latter stated on 18th February that the preview release of Shibarium would be available the next week when discussing the upcoming release.
The concept of that YouTuber was rebuffed in the beginning by the official Canada account on Twitter. Which stated that a YouTuber would not be making a statement on the release of the game at any point in time.
Kusama responded back that whenever he is proven right, you owe him an apology for making such a remark.
Inside the Shiba Inu system, the fact that Kusama’s comment has sparked optimism shouldn’t come as much of a surprise to anyone. As a result of this, the price of BONE jumped from $1.46 to a new weekly high of $2.10.
Following that, there was a change in the price, and it went down to a low of $1.83. As of the time this article was written, BONE has maintained its promising run and has gained 20% over the past week.
In addition to the remarks that Kusama has given, BONE has seen an increase in the number of loggings on trade.
In the early part of this week, Gate.io made the announcement that it’d support Bone ShibaSwap by offering the selling pair BONE/USDT.
Because the cryptocurrency exchange has more than 10 million customers registered, this action is being hailed as a success.
After being listed on a prominent exchange, it is not unusual for the price of a token to undergo a spike in value. After the announcement, the price of BONE tokens increased by 6%, following the trend set by other cryptocurrencies.
The top cryptocurrency exchanges in the world, Coinbase, and Binance do not currently have Bone listed on their platforms.
Growing numbers of people believe that the debut of Shibarum will, in the not-too-distant future, result in listings on prominent cryptocurrency exchanges.
There are several compelling reasons why crypto enthusiasts have promoted Shibarium as an important advancement in the industry. Shiba Inu has developed into a distributed, blockchain-based system of a legacy that is built on Ethereum.
Even after switching to PoS, the Ethereum blockchain frequently experiences congestion, and the issues with gas costs have not been resolved.
Blockchain technology known as Ethereum is being challenged by Shibarium, which is being created as a more affordable and scalable alternative.
It is a layer-2 ledger that uses Ethereum as its foundation and is comparable to Polygon and Arbitrium. Shiba Inu goods and any other apps that choose to create for this new network will utilize Shibarium as their cryptocurrency of choice.
Shibarium’s native token, BONE, will be used to pay validators’ commissions in a manner analogous to that of Ethereum’s ETH. For the time being, SHIB and BONE are both implemented using the ERC-20 token standard.
But, when Shibarium is finally ready for use, BONE will also have a version that is able to function on its network.