Crypto News– Developed as an Ethereum layer-2 blockchain dedicated to facilitating transactions within the Shiba Inu ecosystem, Shibarium faced a turbulent start upon its debut on August 17.
BONE Price Skyrockets and Transaction Volumes Soar Following Shibarium’s Revitalization
Inundated by a sudden surge in user activity, the network encountered congestion issues, leaving numerous investors with funds trapped in the bridge contract. Struggling to cope with the deluge of new users, the developers of Shibarium were compelled to temporarily halt operations. In the subsequent days, they embarked on an intensive course of action, fortifying the network’s capacity to handle heightened traffic loads.
On August 24, following substantial updates to the blockchain, Shibarium was re-introduced by its developers, marking a pivotal moment. This time, as operations resumed, frozen funds began their journey toward their intended destinations, restoring confidence and functionality to the platform.
Shibaswap’s BONE Bucks the Trend of the Crypto Bear Market with Soaring Transaction Volumes
In the aftermath of Shibarium’s triumphant network reopening, the landscape witnessed a staggering surge in BONE transfers, reaching nearly 13,000 transactions on August 24th. Analyzing the data further, a profound uptick in new addresses and daily active addresses becomes evident.
Notably, the Etherscan data highlights a significant milestone, with over 90,000 cryptocurrency wallets now holding the BONE token. Concurrently, in defiance of a prevailing bearish trend that has pervaded the crypto market throughout the week, BONE, the indigenous token of the Shibaswap decentralized exchange, managed a remarkable feat, boasting a 20% gain within a mere 24-hour period.
Over the course of the preceding week, the value of BONE has surged by an impressive 18%, adeptly recovering from the setbacks faced during Shibarium’s ill-fated launch phase. In stark contrast, major cryptocurrencies like Bitcoin and Ethereum have languished more than 10% below their price levels from the prior month. This distinct trajectory is underscored by BONE’s counterintuitive monthly trajectory, a testament to its robust performance in recent days.
While BONE emerges as an anomaly, resisting the broader market’s trajectory, it’s important to note that this exceptional gain hasn’t been uniformly reflected across the entire expanse of the Shiba Inu ecosystem.
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