According to CryptoPotato: The price of Shiba Inu's BONE token has risen by 15% in 24 hours, currently trading at $1.36. CoinGecko data shows that BONE's 24-hour low was $1.19, while its intraday peak was $1.41. The token's trading volume also increased by nearly 30% during the same period, indicating growing interest among market participants.
The Shibarium mainnet has gone back online after experiencing technical issues during its launch. The Shiba Inu team reopened the network after days of studying, testing, and adjusting the chain. Shiba Inu lead developer Shytoshi Kusama stated that the team plans to increase Shibarium's capacity by up to 1,500% to improve the network's security and stability.
BONE's value has also been boosted by the fact that it will be the only token used for gas fees on Shibarium. BONE is the designated gas token of Shibarium, with 20 million units reportedly set aside to incentivize validators and delegators on the network. This means that with Shibarium back online, BONE's utility will increase, leading to a rise in trading volume and token price.
Another factor contributing to the positive performance of Shiba Inu ecosystem tokens is the news that the SHIB team will start implementing the ShibPaper, an extensive document outlining Shytoshi Kusama's vision for a comprehensive "Shiba Inu state." If the team adopts the ideals in the ShibPaper, it could lead to the creation of a fully functional governance and administrative structure, allowing for the expansion of Shibarium through new projects and decentralized applications (dApps) that could increase utility and token burns for SHIB, BONE, and LEASH.
