The relaunch of memecoin Shiba Inu’s (SHIB) layer-2 scaling solution Shibarium has reached more than 50,000 wallets, sparking a rally for Bone ShibaSwap (BONE), the token tied to paying for the protocol’s gas costs.
Shibarium, which launched earlier this month, experienced technical issues last week related to the flow of new users and transactions taking place on it and had to be temporarily closed.
Shytoshi Kusama, the project’s lead developer, said at the time that Shiba Inu would add more network validators to handle the massive influx of activity.
“After two days of testing and tweaking the parameters to reach the ‘ready’ state, Shibarium is now improved and optimized…Additional validators will go live, giving you even more options for deploying your BONE.”
News of the successful relaunch, which included the Shibarium mainnet reach more than 50,000 active wallets sent BONE off as the altcoin surged from $1.36 to $1.45, up 6.6% in one day. However, BONE has since stabilized and is now trading at USD 1.40 at the time of writing.
Rival meme assets like Pepe (PEPE) have moved in the opposite direction, falling more than 15% in the past 24 hours. Pepe is trading at $0.000000898434 at the time of writing.
Shiba Inu is trading at $0.000008 at the time of writing, down 1% over the last day.
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Generated image: Midjourney