Shibarium, the layer 2 blockchain, has recently relaunched after a temporary shutdown. This relaunch has had a significant impact on the price of Bone Shibaswap (BONE), with the token experiencing a massive 17% increase in the last 24 hours. The relaunch of Shibarium has generated renewed interest in the project and has resulted in new milestones for the token.
Following the relaunch of Shibarium, the price of the BONE token has seen a significant surge. Currently valued at $1.40, the token has experienced a 24-hour trading volume of over $11 million, according to CoinMarketCap. This increase in price has been highly beneficial for the majority of BONE token holders, with 68% of holders sitting in a profitable position and likely to see substantial gains.
Additionally, the number of BONE addresses has also seen an increase, reaching a total of 90,151. This growth in addresses demonstrates the growing interest and adoption of the BONE token and the Shibarium platform.
Shibarium’s Lead Developer, Shytoshi Kusama, had previously outlined plans to enhance the platform and prevent future suspensions. As part of these plans, the team intends to integrate a Self-Sovereign Identity (SSI) into Shibarium. By achieving a state of stability, Shibarium is now able to offer users all the benefits of the mainnet, including more options for BONE staking. With additional validators going live, users will have increased opportunities to stake their BONE tokens.
The launch of Shibarium’s layer 2 blockchain encountered some initial challenges, leading to a temporary suspension of operations. The high traffic and influx of new users, with over 10 million wallets registered, overwhelmed the platform and prompted the team to reconfigure and test the network to ensure its stability.
Kusama reassured the SHIB community that the temporary shutdown was merely a result of necessary tweaks. The team worked diligently to optimize the network, and the relaunch of Shibarium promises a stronger and more robust platform than its previous release.
The temporary shutdown of Shibarium had a slight impact on the price performance of Shiba Inu, the cryptocurrency associated with the platform. However, the cryptocurrency is currently on a recovery trend and is growing in popularity as one of the trendiest meme coins in the crypto space.
The recent relaunch of Shibarium has resulted in an increase in active addresses, surpassing 50,000. This number is expected to rise further as more users become aware of and engage with the platform. Kusama has also committed to improving the layer 2 network’s capacity by 1,500%, thereby enhancing its safety, decentralization, and solidity.
Shiba Inu has been expanding its reach and adoption by entering new geographical regions. One notable development is its availability to Brazilian merchants through Binance Pay, a cryptocurrency payment technology supported by the Binance exchange. This expansion into new markets opens up opportunities for Shiba Inu to gain a larger user base and further establish itself as a prominent player in the crypto space.
The relaunch of Shibarium has had a significant impact on the BONE token, resulting in a price surge and increased profitability for token holders. With its enhanced stability and new features, Shibarium aims to provide users with more opportunities for BONE staking. The temporary shutdown served as a stepping stone for optimizing the network, and Shiba Inu is now on a recovery trend and gaining popularity. Furthermore, the expansion into new geographical regions showcases the project’s commitment to global adoption. As Shibarium continues to grow and evolve, it is expected that the platform will attract even more users and achieve new milestones in the future.