While the rest of the crypto market is still in a bewildered state, Shiba Inu’s BONE, a governance token for the upcoming Shibarium layer 2 blockchain, has surged by over 10% in the last 24 hours.
The rally occurred after Shibarium developers announced earlier today the launch of the Shibarium blockchain later this week.
BONE Surges 14% In 24 Hours
Over the past 24 hours, Shiba Inu’s BONE has spiked in price by 14.71%, as a result of the upcoming catalyst set to launch later this week. The token’s trading volume has surged from a low of $7.3 million seen on Tuesday to a high of $21.8 million, at the time of writing.
Notably, the past few weeks haven’t been quite favorable for BONE, after its February high of $2.04. BONE has fallen by nearly 5% from the $2.04 price tag seen last month to a month low of $1.39 as of March 7. The BONE price chart still indicates a continuous rally which is projected to occur after the Shibarium beta launch this week.
Looking at the BONE price chat, the token is looking to tap into external liquidity at $2.1 and $2.04. Despite BONE’s significant rally since the beginning of the year, it is still down 88% from its all-time high of $15.50 seen in July 2021. With the ongoing doubt in the crypto market among investors, it is still uncertain whether the Shibarium launch will be a good enough catalyst to drive BONE value beyond or closer to its peak.
Meanwhile, Shiba Inu (SHIB) is still suffering from the ubiquitous bearish trend in the crypto market. SHIB is currently down by 1.8% in the last 24 hours with a trading price of $0.00001092, at the time of writing. Over the past 7 days, SHIB’s market cap has fallen from $6.8 billion on March 1 to $5.9 billion as of March 8.
Shibarium To Launch This Week
On March 7, the Shiba Inu developers announced when the launch of the Shibarium beta phase is to take place. According to the Shiba Inu team, Shibarium will “launch this week.” Though the team did not reveal any exact date, they mentioned that the Shibarium documents which will contain all the necessary details are set to be released in the coming days.
Notably, The beta phase will allow users to test run any features of the upcoming layer 2 network and report any problems to the team. Furthermore, the beta version will only be for testing and development purposes as users would not be able to make commercial transactions during the beta phase.
