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Shibarium Token BONE Jumps as Shiba Inu Hits These Two Milestones

Thu, 07/27/2023 - 15:50
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Tomiwabold Olajide
Shibarium's utility expected to skyrocket
Shibarium Token BONE Jumps as Shiba Inu Hits These Two Milestones
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Shibarium gas token Bone has seen a significant rise in the last 24 hours. At the time of writing, Bone ShibaSwap (BONE) was up nearly 6% in the last 24 hours to $1.31.

This remains significant, as most cryptocurrencies posted marginal gains in the wake of the recent Fed interest rate decision. Shiba Inu (SHIB) was only marginally higher, or 0.28%, in the last 24 hours, to $0.00000782.

The jump in BONE prices follows as the Shiba Inu ecosystem achieves two milestones: first, the Shibarium Ethereum bridge launches for public testing. Second, Shiba Inu has received a new gold check mark on its X account.

Lucie, a Shiba ecosystem official, recently announced the Shibarium beta bridge going live for public testing.

Lucie alluded to the Shibarium bridge in late April, saying it was partly functional. This bridge is now available for public testing after months of development, marking a significant milestone.

The Shibarium bridge, as described in Shibarium documentation, uses Plasma and PoS security to enable a bidirectional transaction environment between Shibarium and Ethereum.

Shibarium Adoption Set to Skyrocket With Latest Addition

The bridge would allow users to move tokens between the two networks without introducing third-party risks or affecting market liquidity, as well as serving as a scaling solution.

The bridge prioritizes speed and decentralization while allowing arbitrary state changes on its sidechains and EVM support.

On Ethereum, there are currently over 450,000 ERC-20 tokens. Shibarium's utility is expected to skyrocket if the bridge, which supports ERC-20 tokens, is activated.

Shiba Inu's 3.4 million-follower X account has acquired a new gold check mark, certifying its status as an official company account through Twitter's Verified Organizations program, as previously reported.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.