BONE Price Surges and Transaction Volumes Rise After Shibarium Relaunch

Shibarium, the Ethereum layer-2 blockchain designed to facilitate transactions within the Shiba Inu ecosystem, has made a triumphant return after initial setbacks.

The relaunch this week has successfully resolved the issues, resulting in a smoothly operating network.

Initially introduced on August 17, Shibarium encountered congestion problems that hindered its functionality. The surge in user activity led many investors to find their funds trapped in the bridge contract, causing frustration and disruption.

The developers of Shibarium were quick to respond, taking proactive steps to strengthen the network’s capacity to handle high-traffic loads.

Acknowledging the need for improvement, they temporarily suspended operations to address the concerns and enhance the platform’s performance.

Following a blockchain update on August 24, Shibarium was relaunched, bringing relief to frozen funds as they began to move seamlessly to their intended destinations.

The successful reopening of Shibarium significantly impacted BONE transfers, which surged to nearly 13,000 on August 24. A closer examination of the data revealed substantial increases in new addresses and daily active addresses.

Etherscan reports that the number of crypto wallets holding the BONE token has surpassed 90,000.

Remarkably, despite a bearish trend that has affected the broader crypto market throughout the week, BONE, the native token of the Shibaswap decentralized exchange, defied the odds by registering a 20% surge within a 24-hour period.

Over the past seven days, the value of BONE has demonstrated strong growth, rising by more than 18%. This upward trajectory has effectively compensated for the losses incurred during the challenging launch of Shibarium.