Shibarium Launch Proves Positive As Shiba Inu-Based BONE Celebrates New Milestone

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.

Timeline of Bone-shibaswap, Shiba-inu

Shiba Inu (SHIB), the meme cryptocurrency that took the world by storm, is currently at a critical juncture. As of the latest data, SHIB is trading at $0.00000804, and it is on the verge of testing a crucial resistance level that could determine its short-term future.

A Shiba Inu (SHIB) ecosystem altcoin ignored the wider crypto market downtick and surged by nearly 15% on Thursday. Bone ShibaSwap (BONE) is trading at $1.41 at time of writing, up from $1.23 a day ago. The 104th-ranked crypto asset by market cap is also up nearly 26% in the past week.

The relaunch of memecoin Shiba Inu's (SHIB) layer-2 scaling solution Shibarium has reached over 50,000 wallets, sparking a rally for Bone ShibaSwap (BONE), the token associated with paying the protocol's gas fees.

The Shiba Inu community is buzzing with excitement after reports revealed that an anonymous whale had purchased a massive stash of SHIB tokens from the Gemini exchange in a single transaction. Mysterious Whale Makes Massive SHIB Purchase A crypto whale has shocked the SHIB community and crypto space after purchasing 708.41 billion SHIB tokens worth almost $6 million from Gemini, an American crypto exchange run by the Winklevoss twins.

Lucie, a Shiba Inu (SHIB) official, said that the Shibarium protocol -the Layer 2 protocol- had already started producing blocks and was operating according to plan. She added that all that was needed to be done at the time was to launch it.

Shiba Inu (SHIB) has recently experienced an unexpected drop in both price and trading volume. While this may seem like a negative development at first glance, a closer analysis reveals that this drop might actually be a saving grace for the digital asset.

A significant shift is rippling through the Shiba Inu token's ecosystem, as a stunning influx of over a trillion tokens swells the wallets of major holders. On-chain metrics, provided by IntoTheBlock, reveal an intriguing trend that could spell turning tides for SHIB, the popular cryptocurrency.

For the past 15 months, the BONE ShibaSwap coin has adhered to a sideways trend, encapsulated within the confines of a symmetrical triangle pattern. A key characteristic of this pattern is its ability to restrain price fluctuations within two converging trend lines.

SHIB price is stuck in the red despite the reintroduction of the ecosystem layer 2 solutions protocol, Shibarium. Developers led by Shytoshi Kusama pulled the mainnet offline and later to private mode after it encountered scalability issues.

An unknown Shiba Inu (SHIB) whale moved just over 708 billion SHIB from a Gemini wallet to an unknown wallet on Thursday. The equivalent value of the transaction is just under $6 million.