Shiba Inu Shibarium Gas Token Rises by 83% Ahead of Launch

Shiba Inu (SHIB) child token, Shibaswap Bone (BONE), is rising on due to rumors around Shibarium launching next month. BONE is poised to be the governance token of the upcoming highly anticipated layer-2 network. BONE has rallied 4.4% in the last 24 hours, 22.6% over the previous week, and 83.3% in the monthly charts. Moreover, the token is up by 44.7% since Jan. 1, 2023.

Shytoshi Kusama, the lead developer of Shiba Inu (SHIB), recently published a blog in which he stated that Shibarium will “likely” be launched at the Blockchain Futurist Conference. The conference will be held in Toronto, Canada, on August 15 and 16.

Although the launch of Shibarium has yet to be confirmed, Kusama will undoubtedly discuss a few other topics at the conference. Kusama will release a whitepaper titled “Worldpaper,” which will detail all Shiba Inu (SHIB) projects. The team will also discuss SHIB’s new reward token, TREAT, as well as plans for the Doggy DAO. Although BONE is benefiting from the Shibarium hype, its mother token, Shiba Inu (SHIB), appears to be suffering.

Shiba Inu Struggles Around $0.000008 Mark

While BONE has increased by 22.6% in the previous week, SHIB has decreased by 2.1%. The popular dog-themed cryptocurrency is struggling to break through the $0.000008 barrier. It is possible that, while BONE benefits from Shibarium news, SHIB suffers from Shibarium launch delays. The network was supposed to go live in 2022.

However, technical difficulties pushed the deadline back to early 2023, causing yet another delay. In April 2023, Kusama stated that the network could go live between June and August. However, everything appears to be on track for an August launch. Any further delays could have a negative impact on Shiba Inu’s price and investor confidence.

Furthermore, it is possible that investors are being cautious ahead of the July 12 U.S. CPI (consumer price index) data. There is a high likelihood of another interest rate hike, which could increase volatility in the cryptocurrency market.

SHIB was trading at $0.00000752 at press time, up 0.3% in the previous hour. BONE, on the other hand, was trading at $1.27, with no change in the previous hour.

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