Shiba Inu Ecosystem Altcoin Bounces As Shibarium Recovers From Technical Issues

A Shiba Inu (SHIB) ecosystem altcoin ignored the wider crypto market downtick and surged by nearly 15% on Thursday.

Bone ShibaSwap (BONE) is trading at $1.41 at time of writing, up from $1.23 a day ago.

The 104th-ranked crypto asset by market cap is also up nearly 26% in the past week.

BONE is used to pay for gas fees on Shibarium, Shiba Inu’s new layer-2 scaling solution. The token’s price plunged early last week after Shibarium’s launch was mired in technical difficulties that resulted in it shutting down for the public.

Bone ShibaSwap’s price rebound materialized amid hints that the new layer-2 scaling solution could be ready to reopen to the public soon.

Earlier this week, Shytoshi Kusama, Shiba Inu’s pseudonymous lead developer, said in a blog post that testing and tweaks of Shibarium had been going well and would prevent the network issues that forced its closure after launching.

“After two days of testing and tweaking parameters to achieve ‘ready’ state, Shibarium is now enhanced and optimized. As mentioned it is still in testing, but producing blocks.

Moreover, we have enabled a new monitoring system and additional fail-safes including rate limiting at the RPC (remote procedure call) level and auto server reset in case we get a huge level of traffic again.

We are almost ready to reopen to the public.”

Lucie, the project’s pseudonymous “marketing strategist,” also added on the social media platform X on Wednesday that Shibarium is “officially live and running smoothly in private mode.”

“The team just needs to make it public, and rest assured, all funds are safe! Some people have already received their bridged BONE.”

Generated Image: Midjourney