Bone ShibaSwap (BONE) of Shiba Inu Up 5% Following Shibarium Upcoming Launch
Last Updated on 5 November 2023 by CryptoTips.eu
The second largest meme coin by market cap, Shiba Inu’s BONE token, has gone up by over 5% in the last 24 hours. This follows the announcement of the upcoming Shibarium launch. Shibarium is a layer 2 blockchain network built for Shiba Inu on the Ethereum network.
The team behind Shiba Inu has been working on the project for a while now, and it is expected to be a groundbreaking one for the meme token. When launched, the network will bring capabilities to Shiba Inu such as decentralized exchange, a metaverse and gaming blockchain, making Shiba Inu a comprehensive crypto ecosystem.
Shibarium was scheduled for launch in February, but the team rescheduled it to have more time working on the project so a higher standard. The Shiba Inu community has been waiting for the launch for a long time, but it seems it is finally on the horizon. Already, the beta version of the Shibarium Bridge has been launched for public testing.
Why Shibarium is a big deal
The Shibarium bridge is just one aspect of the Shibarium network. It is a bridge that will provide support for Ethereum’s ERC-20 standard, and is likely to provide high liquidity to Shibarium. In addition, it will increase the utility of the Shibarium network.
Transactions fees will also be reduced, and transaction speed will increase as a result of the Shibarium launch.
This will ultimately translate to more use cases for BONE, which will be the native token for Shibarium. This could ultimately lead to higher prices in the future.
The current price surge could be as a result of investors buying up the asset in anticipation of Shibarium launch and many more things to come concerning the meme token.
Shiba Inu expanding its scope
Apart from Shibarium, Shiba Inu has been trying out a few things that can turn it into more than just a meme token. The project recently ventured into the world of non-fungible tokens (NFTs), which is a booming area in crypto space.
With this and Shibarium coming up, not only BONE but SHIB will also likely see a better future in terms of price appreciation.
SHIB is also undergoing regular burns to reduce its supply to achieve this, and the use of BONE on Shibarium will also lead to more SHIB burns, making it a win-win for both tokens.
