Since the relaunch of Shibarium, the Layer-2 scaling solution of the Shiba Inu (SHIB) meme coin ecosystem, a series of new milestones have been recorded across the board. The latest milestone has extended to Bone ShibaSwap (BONE), the de facto native token of the Shibarium protocol which, according to staking data from the official dashboard, is now pegged at 27,116,616.4317 BONE.
According to current data, there are a total of 12 validators on the protocol at the moment, all of which have created a total Heimball height of 576,180. Staking BONE is a way to show support for the operations of the Shibarium protocol, which operates as a full-fledged proof-of-stake (PoS) network.
The BONE staking milestone complements the overall daily transaction count on Shibarium which, per earlier reports, has exceeded the 200,000 mark. The signs of growing adoption of Shibarium are visible and underscored the marathon efforts by the core developer team to scale the protocol after its first failed attempt back in August.
The Shibarium protocol is now meeting the expectations of both validators and the general SHIB army.
Implications for BONE and SHIB price
Locking up more BONE tokens in the staking address is a solid boost to reduce the overall circulating supply of digital currency on the market. This reduced supply, possibly trailed by a growing demand, can place upward pressure on the price of the digital currency.
At the time of writing, BONE is changing hands at a price of $0.8184 atop a mild surge of 0.42% in the past 24 hours. While the rate of growth is still mild, the market might soon start pricing in the shrinking supply, and then, more defined growth surges can be recorded.
The impact on SHIB can also be quite profound as all of these fundamentals add to its impressive outlook in today’s Web3.0 ecosystem.