Following its temporary shutdown, Shibarium has made a comeback and relaunched. This release of the layer 2 blockchain has pushed the BONE price upwards, recording new milestones for the token.
Shibarium Relaunch Ignites Bullish Trend For BONE
Bone Shibaswap (BONE) has recorded a massive price increase of about 17% in the last 24 hours after Shibarium made an official relaunch and became open to the public on Thursday, August 24. The number of BONE addresses has also increased to 90,151 while SHIB burn rates are running high.
Currently, the BONE token is valued at $1.40 with a 24-hour trading volume of over $11 million, according to CoinMarketCap. The shift in the price has also proved fortunate for a majority of BONE token holders.
Reports reveal that 68% of BONE holders are in a very profitable position and are likely to reap massive gains. In contrast, 19% are currently in the red, struggling with some losses. The remaining 13% of BONE holders have found themselves at a point of stability, experiencing no profits or losses.
Shibarium’s Lead Developer, Shytoshi Kusama had previously described plans of adding new features and tweaks to prevent another suspension. He also stated that the Shiba Inu team plans to integrate a Self-Sovereign Identity (SSI) into Shibarium.
Additionally, he said that the recently launched layer 2 blockchain has finally achieved a state of stability, ensuring users gain all the benefits of the mainnet including more options for BONE staking.
“After two days of testing and tweaking parameters to achieve a ‘ready’ state, Shibarium is now enhanced and optimized. Additional validators will go live, giving even more options for you to stake your BONE,” Kusama said.
SHIB Community Embraces Shibarium Relaunch And Modifications
The SHIB army has been anticipating Shibarium’s release after the Ethereum layer 2 solution got off to a rocky start. The Shibarium mainnet halted its operations after its first launch and has been undergoing reconfigurations and testing to bolster its network.
According to developers, the reason for the network’s suspension was due to the high traffic and overwhelming increase in adoption, with over 10 million new wallets registered on the platform.
However, Kusama had reassured the SHIB community, stating that the mainnet was only going through a few tweaks and would be up and running soon, stronger than it was in its previous release.
Shiba Inu’s price performance also declined slightly following Shibarium’s temporary shutdown. But the cryptocurrency is on a recovery trend presently and growing to be one of the trendiest meme coins in the crypto space.
The recent relaunch has pushed active addresses in the Shibarium mainnet to over 50,000 and this figure is expected to continue to rise. Lead developer Kusama has also vowed to increase the layer 2 network’s capacity by 1,500%, improving its safety, decentralization, and solidity.
Recently, Shiba Inu has been making new strides in the crypto space, expanding into new geographical regions to facilitate better adoption. The meme coin is now available to Brazilian merchants through Binance Pay, a cryptocurrency payment technology supported by the Binance exchange.