Shiba Inu ecosystem token BONE has experienced a price surge of 20% making it one of the best-performing altcoins in the past week. This starkly contrasts the crypto market, which experienced a significant consolidation during this period.
BONE has benefited from a few developments in recent weeks. This includes the impending launch of layer-two blockchain Shibarium and recent listings on top exchanges.
Shibarium Announcement Sparks Bone Price Rally
Shibarium is the much-hyped layer-2 blockchain touted as a game-changer for the Shiba Inu ecosystem. Since the announcement of its development in 2022, there has been great anticipation for its launch.
Shiba Inu’s main developer, known as Shytoshi Kusama, recently validated rumors by YouTuber YourPop8 about Shibarium. The latter had said on February 18 that the beta version of Shibarium would be released the following week.
The ShibArmy Canada Twitter account had initially dismissed YourPop8 notion by stating that a YouTuber won’t announce the release. But Kusama replied to the post by saying ‘’when he is right, you owe him an apology.”
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Unsurprisingly, Kusama’s comment has led to optimism in the Shiba Inu ecosystem. Buoyed by this, BONE went from $1.46 to a weekly high of $2.10. Its price subsequently corrected, and it fell as low as $1.83. However, at the time of writing, BONE is back on a bullish trend and is up 20% over the last seven days.
Apart from Kusama’s comments, BONE has also experienced a wave of listings on exchanges. Earlier in the week, Gate.io announced it would support Bone ShibaSwap with the trading pair BONE/USDT. This is viewed as a positive move as the exchange has over 10 million registered users.
It is common for tokens to experience price surges following listing on a popular exchange. BONE followed suit as the token experience a price spike of 6% following the announcement.
Bone is not yet listed on Binance and Coinbase, the two largest exchanges in the world. There’s a growing expectation that the launch of Shibarum will bring about listings from notable exchanges in the future.
What’s The Hype Behind Shibarium?
Many crypto enthusiasts have pushed Shibarium as a significant development for good reasons. Shiba Inu has developed into a decentralized ecosystem of products built on the Ethereum blockchain.
Ethereum blockchain is often congested, and the switch to Proof-of-Stake has still not solved the problems of gas fees. Shibarium is being developed as a cheaper and more scalable alternative to the Ethereum blockchain.
It is a layer-2 blockchain built on Ethereum, similar to Polygon and Arbitrium. Shibarium will be used by Shiba Inu products and other applications that want to develop on this new network. BONE, as Shibarium’s native token, will be used to pay commissions to validators similar to ETH on the Ethereum network. For now, BONE, like SHIB, are ERC-20 tokens, and when Shibarium launches, they’ll also have a version on its network.
Featured Image from Coingecko.com, charts from Coinmarketcap.com and Tradingview.com