- BONE, the Shiba Inu governance token, experienced an 11% price surge, reaching $0.839.
- Shibarium, Shiba Inu’s Layer-2 protocol, surpassed 105 million transactions, averaging 7.5 million daily.
Shibarium’s Milestone Fuels BONE Token’s Ascent
The Shiba Inu community is riding a wave of enthusiasm as its governance token, Bone ShibaSwap (BONE), records a significant price increase. On December 13th, BONE’s value witnessed an impressive jump from $0.722 to $0.839, marking a notable milestone for the token. As of the latest reports, BONE has maintained a 10% gain in the past 24 hours, stabilizing around $0.813.
This price surge coincides with the remarkable achievement of Shiba Inu’s Layer-2 protocol, Shibarium, which has recently exceeded 105 million total transactions. The network has seen a consistent rise in activity, maintaining an average of 7.5 million transactions daily since December 2nd. In the past 24 hours alone, Shibarium recorded a staggering 7.36 million transactions.
The Driving Force Behind BONE’s Price Surge
The surge in Shibarium’s transactions can be attributed to the SRC-20 minting activities on the network. These activities, which facilitate inscriptions and ordinals on Shibarium, have significantly contributed to the growth in transaction fees. Recent reports from the Shiba Inu magazine highlight that transaction fees have reached over 1.4 million BONE. This increase in fees underscores the potential for substantial rewards generated by the high volume of transactions within the Shibarium network.
Adding to the excitement within the Shiba Inu community is the anticipation of multiple SHIB token burns. These burns, aimed at reducing the circulating supply of SHIB tokens, also seek to enhance the long-term value of the project. Notably, a massive SHIB burn valued at $70,000 occurred in the past week, and three more manual burns are scheduled between December 14th and 16th. This series of token burns is expected to further fuel interest and activity within the Shiba Inu ecosystem.
As Shibarium continues to break transaction records and BONE’s price reflects this dynamism, the Shiba Inu community remains watchful and excited for what the future holds in the ever-evolving world of cryptocurrency.