• Wed. May 22nd, 2024

Shibarium Layer 2 Network Will Utilize $BONE Tokens For Transactions After Launch

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ByMaria Fairchild

Jan 8, 2023

The Shiba Inu network announces a new update to the Shibarium Layer 2 network. This update entails the layer 2 network using the Shiba $BONE token to conduct transactions. This would be the only token permitted to make transactions on the network.

New Updates On The Shiba Network

The Shiba Inu network released a new update to some of its products. The Shibarium beta Layer 2 network is one of the products that received this new update. This update entails the Shibarium Layer 2 network using $BONE tokens to conduct transactions upon its launch.

In a recent tweet, the network announced that once launched, the $BONE token will be the only official operational token on the Shibarium network and will be utilized for gas fees.

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The team also disclosed in a tweet that once Shibarium layer 2 is launched, it will burn Shib tokens with every transaction performed on the network.

With this new update released by the team on Twitter, the $BONE token experienced a 50% increase, rising from $0.9 days prior to the announcement to $1.4 after the announcement.

Memecoin Season Is Back

According to market analysis and report, 2023 is off to a strong start, with memecoins leading the way.

One of the memecoins at the forefront of this surge is the $BONK token, which gained over 100% in just 24 hours after its launch and provided holders with a 1000% return on investment.

This rise alone signalled the return of the memecoin season to the crypto sector.

Another key component that was impacted was the Solana ecosystem, where some of these tokens were deployed. Prior to the surge, the Solana ecosystem was struggling to maintain relevance, but after the memecoin surge, the ecosystem jerked back to life and began bustling with activities.

Many analysts predict that SHIB will overtake DOGE in the market due to the growth and activities of its ecosystem.

The Game Shiba Eternity launch drew so much attention to the Shiba community as many community members were not silent about its launch. Community members are however speculating that the launch of the Shibarium Layer 2 network will come in very soon.

There have been recorded price movements of the $BONE coin setting new highs with the latest release of updates.

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