Bone ShibaSwap Surges 7% Leaving Shiba Inu, Dogecoin, Pepe Coin In The Dust

Shiba Inu (CRYPTO: SHIB) ecosystem token Bone ShibaSwap (CRYPTO: BONE) is up 7% in the last 24 hours, even as top meme coins such as DOGE (CRYPTO: DOGE), Pepe Coin (CRYPTO: PEPE) and SHIB continue to tumble. What Happened: As of the time of writing, the trading price of BONE stood at $1.23.

Timeline of Bone-shibaswap, Dogecoin, Pepe, Shiba-inu

In the dynamic world of cryptocurrencies, the Shiba Inu Layer 2 blockchain network, Shibarium, has recently made headlines with its decision to operate in private mode. This move, spearheaded by Shytoshi Kusama, the lead developer of the Shiba Inu ecosystem, signifies a strategic shift aimed at enhancing the platform's security and overall user experience.

Billy Markus, the co-creator of Dogecoin (CRYPTO: DOGE), has reportedly blocked more than 210,000 accounts on X (formerly Twitter) over the years. What Happened: The conversation began when DogeDesigner on Sunday said that Markus had blocked more accounts on Meta than the total number of active accounts on the platform itself.

In the ever-evolving world of cryptocurrencies, the debate between Proof-of-Work (PoW) and Proof-of-Stake (PoS) consensus mechanisms continues to heat up. The latest to weigh in on this contentious issue is Mishaboar, a top-tier developer and influential figure within the Dogecoin community.

Dogecoin prices bounced close to 6% since 18 August, but the Open Interest stayed resolutely flat. This was a strong indication that sentiment was bearish as it highlighted the lack of bids from speculators.

Deep-pocketed crypto investors are abruptly moving hundreds of millions of Dogecoin (DOGE) as the top memecoin bounces from its monthly low. Blockchain-monitoring platform Whale Alert initially spotted the large Dogecoin transactions to the tune of 776,351,068 DOGE worth $48.47 million.

The much-anticipated launch of Shibarium mainnet, a groundbreaking Ethereum layer-2 scaling solution, has been accompanied by unexpected turbulence, leading to significant price declines in the Shiba Inu ecosystem.

Shibarium, the Layer-2 blockchain of the Shiba Inu ecosystem, experienced a brief suspension in block production shortly after its mainnet launch on 16 August 2023. The primary challenge was an unexpected surge in traffic immediately after its public launch announcement.

Mishaboar, a prominent contributor and lead developer of Dogecoin (DOGE) has openly hinted at the possibility of stepping away from Dogecoin's development if a transition to a Proof of Stake (PoS) consensus is pursued. This sentiment underscores his belief that PoS mechanisms have inherent flaws that could conflict with Dogecoin's core principles.

Major digital assets like Bitcoin and Ethereum have largely seen stable activity concerning their active addresses, according to recent data from blockchain analytics firm IntoTheBlock.

This week, Coinbase's expansion plans led it to Canada. Post-launch hurdles challenged Shiba Inu's Shibarium debut, while crypto adoption maintained momentum with the Federal Reserve and Coca-Cola making headlines.