- Shibarium went private after $1.8M ETH got stuck on the cross-chain bridge.
- Shiba Inu developers launched two extra validators to deal with the traffic influx.
- Shibarium’s gas fee token Bone ShibaSwap (BONE) gets a new listing in Turkey.
Shiba Inu’s developers are hammering away to relaunch the short-lived Shibarium public mainnet. Seven days ago, the highly-anticipated Layer-2 scaling solution for Shiba Inu (SHIB) dropped during Shytoshi Kusama’s speech in Toronto, Canada.
Meanwhile, the emerging decentralized ecosystem’s main token reclaimed the uptrend on Wednesday morning after jumping above the crucial horizontal support levels at $0.000008.
Since last week, $SHIB has struggled to keep up with the capricious market conditions and even fell below the $5 billion market cap, hitting the weekly bottom at $0.00000776. SHIB Token’s developers acknowledged that the demand for Shibarium’s mainnet was way more significant than expected, thus having to restart several days later with a 1,500% increased server capacity.
BONE Gets New Listing Ahead of Relaunch
The hurdles that Shibarium L2 mainnet stumbled upon on launch day didn’t stop the gas fee token Bone ShibaSwap (BONE) from expanding to uncharted territories. After two weeks of market correction, $BONE had rapidly dropped from $1.75 on August 12th, 2023, to $1.11.
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This seven-day low became the turning point for $BONE, as the gas fee token is back on good terms with the bulls, scoring 12.8% gains in the last 24 hours. At press time, BONE trades at $1.35, per CoinGecko. According to EtherScan, there are 88,535 $BONE holders at the moment.
Furthermore, $BONE was listed by one of the largest cryptocurrency exchanges in Turkey, ICRYPEX. This was announced on Tuesday by Lucie SHIB, the leading marketing specialist for SHIB Token. The expansion comes in time for Shibarium’s mainnnet relaunch, as $BONE is utilized in every transaction on the new blockchain.
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It’s important to note that Shibarium’s initial goal is to onboard a billion people, while the gas fee token is capped at 250,000,000 tokens. For this reason, crypto enthusiasts accumulate $BONE before the demand increases, as the Shiba Inu community voted last year not to mint any more $BONE, expecting the scarce digital asset to maintain its market value more readily.
On the Flipside
- Despite the adoption of $BONE by local cryptocurrency platforms, the gas fee token for Shibarium L2 is still not listed on any major exchange except for Crypto.com.
- BONE’s live on-chain signals point to 3 bearish signals, including large transactions, concentration, and holders making a profit at the current price.
Why This Matters
Shibarium L2 mainnet is a pioneering Layer-2 solution, transforming the memecoin Shiba Inu into a self-sufficient blockchain technology.
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