Shiba Inu (SHIB) Layer-2 Protocol Shibarium Relaunch Reaches 50,000 Wallets, Spurs BONE Rally

The relaunch of memecoin Shiba Inu’s (SHIB) layer-2 scaling solution Shibarium has reached over 50,000 wallets, sparking a rally for Bone ShibaSwap (BONE), the token associated with paying the protocol’s gas fees.

Shibarium, which launched earlier this month, experienced technical difficulties last week associated with the rush of new users and transactions taking place over it and had to temporarily shut down.

At the time, Shytoshi Kusama, the project’s lead developer, said that Shiba Inu would be adding more network validators to accommodate the massive influx of activity.

“After two days of testing and tweaking parameters to achieve ‘ready’ state, Shibarium is now enhanced and optimized… Additional validators will go live, giving even more options for you to stake your BONE.”

News of the successful relaunch, which saw the Shibarium mainnet reach over 50,000 active wallets, sent BONE flying, as the altcoin went from $1.36 to $1.45, a 6.6% increase in one day. However, BONE has since stabilized and is now trading for $1.40 at time of writing.

Rival meme assets such as Pepe (PEPE) have gone the opposite direction, dipping over 15% during the last 24 hours. Pepe is trading for $0.000000898434 at time of writing.

Shiba Inu is trading for $0.000008 at time of writing, a 1% decrease during the last day.

Generated Image: Midjourney