Shibarium Hits 300,000 Wallets as BONE Scores New Listing

  • Bone ShibaSwap sees new listing ahead of smart contract renunciation.
  • Shiba Inu’s independent L2 blockchain eyes over 336,000 wallets.
  • Average block production time affirms smooth operations.

Shiba Inu’s Layer-2 network continues accomplishing multiple achievements seven days after its public relaunch. Indeed, the blockchain explorer now detects over 336,000 crypto wallets and over half a million transactions. Shibarium’s gas fee token Bone ShibaSwap (BONE) reacted positively to the developments on the mainnet with a 7% weekly increase.

On August 16th, the high demand for the Shibarium mainnet was met with several hiccups, resulting in a temporary network halt. The lead developer, Shytoshi Kusama, dropped a series of blogs about Shibarium’s scaling issue, confirming two additional validators and a 1,500% scaling hike. 

According to live on-chain data, Shibarium’s average block production time is five seconds, which affirms the upgrade’s success so far. Meanwhile, Kusama recognized the public’s demand for $BONE and announced the upcoming release of a wrapped version of Shibarium’s gas fee token, Wrapped BONE (wBONE).

New Listing Ahead of BONE Contract Renunciation

BitMex, a popular cryptocurrency exchange with nearly $1 million daily trading volume, has announced the listing of BONE on Futures with up to 33x leverage. On top of that, BitMex will also list SHIB/USD & SHIB/USDT Quanto smart contracts. SHIB fetched 2.2% gains to trade at $0.00000825 at the time of this publication.

Quanto smart contracts differ from regular contracts because it has a fixed Bitcoin (BTC) multiplier unaffected by the SHIB/USD pair price. According to the official blog post, traders on BitMex can post margins in $XBT, another name for BTC.

Following the news, Bone ShibaSwap trades at $1.26, according to CoinGecko. With a 7% weekly uptrend, $BONE is yet to reclaim the upper-mid major support line at $1.50, last touched on August 16h, 2023. Notably, crypto traders expect $BONE to become more scarce over time, as the SHIB Army voted to renounce the contract last year.

On the Flipside

  • Delayed BONE smart contract renunciation could prevent major crypto exchanges from listing Shibarium’s gas fee token.

Why This Matters

Shiba Inu’s self-sufficient Layer-2 blockchain brings unprecedented scalability for a memecoin.

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