The price of Shiba Inu’s BONE token has increased by 15% over the course of 24 hours, and it is presently trading at $1.36. Per data from CoinGecko, BONE’s 24-hour low was $1.19, while its intraday peak was $1.41.
Additionally, the token’s trading volume has surged by nearly 30% during the same period, showing increasing interest among market participants. But why is this so?
Shibarium Mainnet Goes Back Online
The Shiba Inu team reopened the Shibarium network after it suffered crippling technical issues during its launch.
— SHIB HODLER (@ShibaInuHodler) August 24, 2023
The move comes after days of studying, testing, and adjusting the chain. Lucie, a Shiba Inu representative, hinted earlier that Shibarium is already minting blocks and operating normally.
My bridged $BONE arrived.
You can check yours on https://t.co/KkZfTdO34a
Be patient- It’s indexing. pic.twitter.com/9mjdtK9xbc
— | Summer of Shibarium (@LucieSHIB) August 24, 2023
Shiba Inu lead developer Shytoshi Kusama also remarked that the team will increase Shibarium’s capacity by as much as 1,500% to enhance the network’s security and stability.
The reported improvements to the network seem to have cheered up the SHIB community, leading to renewed interest in the ecosystem’s tokens.
BONE Will Be The Only Token Used For Gas Fees on Shibarium
Further to Shibarium returning online, BONE’s value received a kick because network users will pay gas fees using the token. BONE is the designated gas token of Shibarium, with a reported 20 million units set aside to incentivize validators and delegators on the network.
It means that with Shibarium back up, BONE’s utility will go up a notch, hence the jump in trading volume and token price.
ShibPaper to be Implemented?
Another reason that cannot be discounted for the positive performance of Shiba Inu ecosystem tokens is the news that the SHIB team will start implementing the ShibPaper. This exhaustive document outlines Shytoshi Kusama’s vision for an expansive “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 and allow for the expansion of Shibarium through new projects and decentralized applications (dApps) that could increase utility and token burns for SHIB, BONE, and LEASH.