Amidst a week of challenges for many major cryptocurrencies, the price of Shibaswap Bone (BONE) has shown remarkable resilience, surging by nearly 20% over the span of seven days. This surge in BONE’s value can be attributed to renewed activity on the Shibarium Layer 2 blockchain, where BONE serves as a gas token. The successful relaunch of Shibarium, after initial setbacks, has not only ramped up the network’s capacity but has also contributed to the increased transaction volumes and positive price movement of BONE.
Shibarium Relaunch: Overcoming Initial Challenges
Shibarium, an Ethereum layer-2 blockchain designed to facilitate transactions within the Shiba Inu ecosystem, encountered congestion issues upon its launch on August 17. A surge in user activity resulted in funds getting stuck in the bridge contract, necessitating the suspension of operations. However, the developers worked diligently to enhance the network’s ability to handle higher traffic volumes. On August 24, following updates to the blockchain, Shibarium was successfully relaunched, leading to the resolution of frozen fund issues.
Shibaswap Bone’s Resilience and Soaring Transaction Volumes
The reopening of the Shibarium network has led to a surge in BONE transfers, with nearly 13,000 transactions recorded on August 24. The data also indicates a significant increase in new addresses and daily active addresses. Presently, over 90,000 crypto wallets hold the BONE token. Remarkably, BONE, the native token of the Shibaswap decentralized exchange, defied the bearish trend prevalent in the broader crypto market, witnessing a 20% price increase within 24 hours.
Notable Gains Despite a Bearish Market Trend
Over the past seven days, BONE has displayed impressive gains of over 18%, effectively recovering losses incurred during Shibarium’s initial launch difficulties. This contrasts with major cryptocurrencies like Bitcoin and Ethereum, which have experienced a decline of more than 10% in their prices compared to the previous month. BONE’s counter-trend performance in terms of monthly change showcases its resilience amidst market challenges.
Diverse Performance within the Shiba Inu Ecosystem
While BONE has demonstrated strength against the broader market trend, other components of the Shiba Inu ecosystem have displayed varied performance. SHIB, for instance, witnessed a 3.67% decline in value over the past week, lagging behind Bitcoin (BTC) and Ethereum (ETH). On the other hand, the third component of the token trio, LEASH, showcased better performance with a 4.27% price increase during the same period.
Read More: Crackdown on Triad Controlled Crypto Money Laundering Network Shakes Hong Kong
Conclusion
Shibaswap Bone’s impressive gains in the face of a bearish market, coupled with the successful relaunch of Shibarium, indicate the resilience and potential of the Shiba Inu ecosystem. As BONE defies the broader market trend and garners increased transaction volumes, it presents an interesting case study within the crypto landscape, showcasing how specific developments and innovations can drive individual token performance amidst challenging market conditions.
