Shiba Inu: BONE Shows Resilience with 3.28% Gain Despite Memecoin Slide

The offspring token of Shiba Inu (SHIB), known as ShibaSwap Bone (BONE), has experienced a notable increase of 3.28% in value within the past 24 hours. In contrast, SHIB has encountered a decrease of 4% in its value during the same time frame. Similarly, Dogecoin (DOGE), a competing meme-based cryptocurrency, has also seen a decline of 3.08% in the past day. Another well-known memecoin called Pepe (PEPE), which had witnessed significant gains earlier this year, has suffered a decrease of 4.76% based on the daily chart.

This recent surge in the value of BONE can be attributed to advancements made within Shibarium, the project’s newly introduced layer-2 network. The initial launch of Shibarium encountered some challenges, leading to the accumulation of assets on the Shibarium bridge.

However, Shytoshi Kusama, the Shiba Inu lead developer has addressed the community’s concerns through a blog post, providing updates on the progress made to address these issues.

According to the blog post, the Alchemy team has significantly expanded the capacity of Shibarium by a factor of 1500%. Additionally, they have bolstered the server infrastructure by the same proportion. Kusama explained that these enhancements to the network will contribute to more effective traffic management, addressing one of the main factors that led to the challenges during the initial launch.

Ascending Momentum For BONE?

BONE functions as the governance token for Shiba Inu’s Shibarium network. With the network currently operational, there is potential for an increase in demand for BONE tokens.

Nonetheless, the broader market recently experienced a significant downturn in the past week. Prominent cryptocurrencies like Bitcoin (BTC) underwent an 11% decline in value according to weekly charts. In parallel, Ethereum (ETH) also experienced a 9.6% drop within the same timeframe.

While there’s potential for BONE’s price to rise given the heightened demand, its upward momentum may not sustain for an extended period. Unless the broader market shows recovery, BONE’s recent gains might be short-lived. The token has already seen a 1.1% dip in the past hour, indicating a possible continuation of this downward trend.

Olasunkanmi Abudu

Olasunkanmi Abudu is a Web3 content writer with over five years of experience covering blockchain, decentralized finance, and digital assets. He specializes in producing well-researched and accessible content that explains complex technologies and market trends to both general readers and industry professionals.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.