The Rise of Shibaswap Bone (BONE) Amidst a Struggling Crypto Market
Shibaswap Bone (BONE) has seen a remarkable increase of nearly 20% in just one week, while many other major cryptocurrencies have struggled. This surge in price can be attributed to the renewed activity on the Shibarium Layer 2 blockchain, where BONE functions as a gas token.
Key Points:
- Shibarium, an Ethereum layer-2 blockchain, faced congestion issues upon its debut, leaving many investors with stuck funds in the bridge contract.
- After reinforcing its ability to handle higher traffic volumes, Shibarium was successfully relaunched.
- Following the reopening of the Shibarium network, BONE transfers spiked to nearly 13,000, and the number of new addresses and daily active addresses also surged.
- Despite a bearish trend in the crypto market, BONE defied the odds and gained 20% in just 24 hours.
- Over the past seven days, the value of BONE has increased by over 18%, compensating for previous losses during Shibarium’s failed launch.
Hot Take:
While the broader crypto market struggles, BONE has emerged as a standout performer. Its strong performance can be attributed to the successful relaunch of the Shibarium network and increased transaction volumes. However, it’s important to note that this success hasn’t been mirrored across the entire Shiba Inu ecosystem.
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