Shibarium’s BONE Grows 39% in New Users Upon New Integration

What is the significance of Shiba Inu’s BONE growing 39% in new wallets upon the latest Shibarium integration?

Shiba Inu chewing on a huge skeleton.
Created by Kornelija Poderskytė from DailyCoin
  • SHIB’s Layer-2 blockchain Shibarium approaches $1M in Total Value Locked (TVL).
  • Shibarium’s utility expands via new integration in the non-custodial Frontier Wallet.
  • Bone ShibaSwap (BONE) hasn’t reclaimed the $1 mark since September 2023.

Shibarium’s official governance and gas fee token, Bone ShibaSwap (BONE), welcomed a list of new BONE holders. Now counting 95,755 total registered crypto wallets, Shiba Inu’s BONE plays a key role in Shibarium’s expansion. SHIB Token’s developer team recently announced a new feature on Shibarium, which utilizes BONE as the gateway to liquid staking.

Like the Lido Protocol on Ethereum (ETH), this is done via the K9 Finance dApp on Shibarium. Opening the gates for dynamic staking on Layer 2, BONE witnessed a 39.58% surge in newly registered crypto wallets. Active addresses also increased by 19.44% in seven days, according to IntoTheBlock.

SHIB active addresses table showcasing percentage increase.

Despite the quickly rising BONE holder count, the gas fee token continues its lackluster performance with a 9.9% monthly downturn. While Bone ShibaSwap managed to recoup its key support levels of $0.60, BONE’s long-term goal of $1 has been unseen since September 6, 2023 – just weeks after Shibarium’s Layer-2 mainnet launched.

Shibarium’s New Integration to Give BONE a Boost?

Meanwhile, Frontier Wallet, a popular non-custodial cryptocurrency wallet encompassing over 35 chains, recently added Shibarium L2 as a supported chain. Shiba Inu holders cheered the news, as this integration allows BONE holders to sign up to become Shibarium validators.

BONE can be staked, traded, and earned in Frontier Wallet’s native app. This interoperability brings yet another utility case for BONE, while other decentralized crypto wallet manufacturers like Ledger and Atomic plan to support Shibarium. Finally, Shibarium developers have been working on their own non-custodial crypto wallet since late 2023, but no official launch date was given.

On the Flipside

  • Bone ShibaSwap (BONE) faces a major challenge because several large cryptocurrency exchanges like Binance and KuCoin are not responding to the community’s requests for listing.
  • As SHIB Army continues the BONE listing request campaign, it’s noteworthy that BONE’s smart contract was renounced last year to cap max supply at 250,000,000.

Why This Matters

Frontier’s non-custodial wallet is estimated to have over one million active cryptocurrency holders, while Shiba Inu’s ever-growing blockchain is close to $1 million in total value locked (TVL).

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.