Shibarium, the layer 2 blockchain, has recently made a stunning comeback and relaunched. This relaunch has caused a significant surge in the price of its native token, Bone Shibaswap (BONE), setting new milestones for the token.
In the last 24 hours since Shibarium’s official relaunch on Thursday, August 24, the BONE token has experienced a massive price increase of approximately 17%. Moreover, the number of BONE addresses has also surged to 90,151. These positive developments have benefitted a majority of BONE token holders, with 68% sitting in a profitable position.
Stability Achieved and New Features
Shibarium’s Lead Developer, Shytoshi Kusama, had previously outlined plans to add new features and make necessary tweaks to prevent future suspensions. He also mentioned the integration of a Self-Sovereign Identity (SSI) into Shibarium, which would enhance its functionality. The layer 2 blockchain has finally achieved stability after rigorous testing and optimization, ensuring that users can fully leverage the mainnet’s benefits, including more options for BONE staking.
The SHIB community had eagerly awaited Shibarium’s release, especially after its initial launch encountered challenges. The mainnet had to be temporarily suspended due to high traffic and an overwhelming influx of new users, with over 10 million new wallets registered on the platform. Nevertheless, Kusama assured the community that the mainnet was undergoing necessary tweaks and improvements, promising it would come back stronger than before.
Positive Price Performance and Future Growth
While Shibarium’s temporary shutdown did cause a slight decline in Shiba Inu’s price performance, the cryptocurrency has been on a recovery trend and is becoming one of the trendiest meme coins in the crypto space. The recent relaunch has resulted in over 50,000 active addresses in the Shibarium mainnet, and this number is expected to continue rising. Kusama has also committed to increasing the layer 2 network’s capacity by 1,500%, which would significantly enhance its safety, decentralization, and overall solidity.
Expanding Adoption and Availability
Shiba Inu has been making significant strides in expanding its adoption globally. It has recently expanded into new geographical regions, and Brazilian merchants can now utilize Shiba Inu through Binance Pay, a cryptocurrency payment technology supported by the Binance exchange. This move aims to facilitate better adoption and usage of the meme coin.
The relaunch of Shibarium has catapulted the price of the BONE token to new heights. With a significant increase in active addresses and promising features on the horizon, Shibarium is poised for continued growth and success. As Shiba Inu expands its presence in different regions and explores new opportunities, the future looks bright for both the cryptocurrency and its enthusiastic community.