Shiba Inu: Shibarium Gas Token Rallies 83% Ahead of Launch

Paigambar Mohan Raj
Source: U.Today

Shiba Inu’s (SHIB) offspring token, Shibaswap Bone (BONE), is surging on accounts of rumors around Shibarium launching next month. BONE will 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.

Source: CoinGecko

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

Also Read: Shiba Inu: Shibarium’s Release ‘Very Likely’ in August

Although Shibarium’s launch is still not confirmed, there are a few other things that Kusama is sure to discuss at the conference. Kusama will unveil a whitepaper called “Worldpaper,” detailing all Shiba Inu (SHIB) projects. The team will also reveal more details about SHIB’s new reward token, TREAT, along with plans for the Doggy DAO. Although BONE is benefitting from all the hype around Shibarium, its mother token, Shiba Inu (SHIB), seems to be suffering.

Why is Shiba Inu’s price not responding to Shibarium news?

Shiba Inu: Shibarium Testnet Sets New Record
Source: Analytics Insight

While BONE has surged 22.6% over the previous week, SHIB has fallen by 2.1%. The popular dog-themed crypto is struggling to get past the $0.000008 level. It is possible that while BONE is benefitting from the Shibarium news, SHIB is suffering from delays in Shibarium’s launch. The network was originally planned for a 2022 release.

However, technical difficulties pushed the date to early 2023, which faced another delay. Kusama said in April 2023, that the network could go live between June and August. However, things seem to be going as planned for an August launch. Any further delays could seriously hurt Shiba Inu’s price and investor confidence.

Also Read: Shiba Inu: Here’s What Could Trigger SHIB’s Price To Reach $0.01

Furthermore, it is also possible that investors are being cautious ahead of the U.S. CPI (consumer price index) data due on July 12. There is a high chance of another interest rate hike, which could bring in more volatility in the crypto market.

At press time, SHIB was trading at $0.00000756, up by 0.3% in the last hour. On the other hand, BONE was trading at $1.27, with no change in the last hour.