Shiba Inu (SHIB) fans and investors are on the edge of their seats as they wait for the project to launch its layer-2 network, Shibarium. Initially planned for a Q3 release, the launch was pushed due to development delays. However, the team assured users that Shibarium would be ready by the end of the year.
Shiba Inu’s offspring token, BONE, will play a significant role in the upcoming layer 2. BONE will be used by validators of SHIB’s layer-2, as revealed by the team. BONE minting was halted at 230 million (from the initial plan of 250 million) so that the remaining 20 million could be used for Shibarium validators.
With the Shibarium launch getting closer, interest in BONE is likewise growing. Shibarium is not only trending on Twitter, but the price of the token is also surging.
The token rallied 48.5% in the last 14 days and 37.1% over the previous week.
With interest growing, many exchanges have also begun listing Shiba Inu’s offspring token, BONE, on their platforms. The firms include Now Wallet, UpHold, and SunCrypto.
Although BONE’s price has surged, there is a dip in the token’s trading volume by 17.57%. An increase in price and a decrease in volume could signal a price reversal.
At press time, BONE was trading at $0.981872.
Will Shibarium change things for Shiba Inu?
When launched, Shibarium aimed to reduce transaction costs and increase transaction speeds. Moreover, the launch will lead to Shiba Inu no longer being an ERC-20 token as it will have its very own network.
Additionally, Shibarium could potentially lead to more burns for SHIB as new use cases debut. Some have even predicted trillions of tokens being burned once SHIB’s layer-2 makes its debut.
Shiba Inu (SHIB) is undoubtedly one of the most popular crypto projects in existence. However, the token’s price has taken a hit in the 2022 bear market. However, many expect the layer-2 launch to change things for the token and push its price to new heights.
At press time, Shiba Inu (SHIB) was trading at $0.00000983, up by 5.3% in the last 24 hours.