Shibarium’s BONE Token Gains Momentum Amidst Optimizations and Exchange Listing

Shibarium’s BONE Token Gains Momentum Amidst Optimizations and Exchange Listing

Crypto News – The recent launch of Shibarium, a new blockchain venture, on August 16 has garnered significant attention within the cryptocurrency community. Of particular interest is its utility token, BONE, which has been making waves. The successful launch led to a surge in transactions, prompting developers to swiftly address scalability concerns to accommodate the increased traffic. To tackle these challenges, the layer-2 component has been reactivated on the mainnet.

Shytoshi Kusama, a prominent figure in the Shiba Inu community, provided an update on the ongoing optimization efforts within Shibarium. While still in the testing phase, the platform has made notable progress by successfully producing blocks.

Excitement continues to mount as the Shibarium gas token, also known as the Shiba Inu governance token, BONE ShibaSwap (BONE), secures a listing on a new exchange. This achievement has added to the positive sentiment surrounding both the Shiba Inu ecosystem and the Shibarium project.

One noteworthy outcome of these developments is the positive response seen in the value of the BONE token. Over the past 24 hours, the token’s price has surged by more than 10%, reaching $1.39. Impressively, it even reached a peak of $1.44, marking a remarkable surge of over 17%. This surge is especially significant considering the bearish trend that has affected various cryptocurrencies, including well-known memecoins like Dogecoin, Floki, and Shiba Inu.

As per the latest available data, the network’s performance remains robust, with an average block time of just five seconds and a total transaction count exceeding 120,000. Additionally, the network boasts nearly 49,000 wallet addresses, indicating a promising trajectory.

Given its substantial utility within the Shibarium ecosystem, the BONE token has reaped the rewards of these positive developments. Its market capitalization has surged to $318.6 million.

A closer analysis of the current price dynamics reveals that the BONE has reached the 38.2% Fibonacci retracement level. This could potentially set the stage for an upcoming bull rally that might breach the $1.44 threshold. While the current price range presents challenges for potential buyers, a successful recovery could lay the foundation for a new rally. Furthermore, the $1.24 support zone aligns with the 50% Fibonacci level, serving as a critical defense point for the price of BONE.