The launch sparked a significant surge in transactions, a situation that concerns developers, to swiftly address scalability to sustain the heightened traffic. The layer-2 component has recently been reactivated on the mainnet, aiming to mitigate previous challenges.
Shiba Inu’s leading figure, Shytoshi Kusama, shared an update highlighting the optimization efforts poured into Shibarium. While still undergoing testing, the platform has managed to produce blocks, signifying progress.
The excitement continues to build as the Shibarium gas token, also recognized as the Shiba Inu governance token, Bone ShibaSwap (BONE), secures a fresh listing on a new exchange. This achievement has contributed to the positive sentiment surrounding the Shiba Inu ecosystem and the Shibarium project.
Notably, BONE’s value has responded positively to these developments. Currently, the token’s price has experienced a resurgence, witnessing a more than 10% increase over the last 24 hours, reaching $1.39.
A peak at $1.44 was achieved, demonstrating an impressive surge of over 17%. This rise is particularly notable due to the bearish trend that has involved various cryptocurrencies, including prominent memecoins like Dogecoin, Floki, and Shiba Inu.
As of the latest data, the network’s performance remains strong, boasting an average block time of just five seconds and a total transaction count exceeding 120,000. Moreover, the network’s wallet addresses approach the 49,000 mark, indicating a promising trajectory.
BONE, with its significant utility within the Shibarium ecosystem, has reaped the rewards of these positive developments. Its market capitalization has surged to $318.6 million.
BONE price chart. Source: TradingView
Analyzing the current price dynamics, it becomes evident that BONE has reached the 38.2% Fibonacci retracement level, potentially paving the way for an impending bull rally that could breach the $1.44 threshold.
While the current price range poses challenges for prospective buyers, a successful recovery could lay the groundwork for a new rally. Additionally, the $1.24 support zone aligns with the 50% Fibonacci level, serving as a crucial defense point for BONE’s price.
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