BONE Surges 14% As Shibarium Set To Launch This Week
08 March 2023 - 10:04PM
NEWSBTC
While the rest of the crypto market is still in a bewildered state,
Shiba Inu’s BONE, a governance token for the upcoming Shibarium
layer 2 blockchain, has surged by over 10% in the last 24
hours. The rally occurred after Shibarium developers
announced earlier today the launch of the Shibarium blockchain
later this week. BONE Surges 14% In 24 Hours Over the past 24
hours, Shiba Inu’s BONE has spiked in price by 14.71%, as a result
of the upcoming catalyst set to launch later this week. The token’s
trading volume has surged from a low of $7.3 million seen on
Tuesday to a high of $21.8 million, at the time of writing.
Related Reading: Bone ShibaSwap (BONE) Spikes 20% In A Week –
Here’s Why Notably, the past few weeks haven’t been quite favorable
for BONE, after its February high of $2.04. BONE has fallen by
nearly 5% from the $2.04 price tag seen last month to a month low
of $1.39 as of March 7. The BONE price chart still indicates a
continuous rally which is projected to occur after the Shibarium
beta launch this week. Looking at the BONE price chat, the token is
looking to tap into external liquidity at $2.1 and $2.04. Despite
BONE’s significant rally since the beginning of the year, it is
still down 88% from its all-time high of $15.50 seen in July 2021.
With the ongoing doubt in the crypto market among investors, it is
still uncertain whether the Shibarium launch will be a good enough
catalyst to drive BONE value beyond or closer to its peak.
Meanwhile, Shiba Inu (SHIB) is still suffering from the ubiquitous
bearish trend in the crypto market. SHIB is currently down by 1.8%
in the last 24 hours with a trading price of $0.00001092, at the
time of writing. Over the past 7 days, SHIB’s market cap has fallen
from $6.8 billion on March 1 to $5.9 billion as of March 8. Related
Reading: Shiba Inu Jumps 4% As Lead Dev Answers ‘When Shibarium’
Shibarium To Launch This Week On March 7, the Shiba Inu developers
announced when the launch of the Shibarium beta phase is to take
place. According to the Shiba Inu team, Shibarium will “launch this
week.” Though the team did not reveal any exact date, they
mentioned that the Shibarium documents which will contain all the
necessary details are set to be released in the coming days.
Notably, The beta phase will allow users to test run any features
of the upcoming layer 2 network and report any problems to the
team. Furthermore, the beta version will only be for testing and
development purposes as users would not be able to make commercial
transactions during the beta phase. Featured image from Twitter –
@Shibtoken, Chart from TradingView
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