Altcoins

Altcoin From Shiba Inu (SHIB) Ecosystem Nearly Doubles in Price To Start the Year Ahead of Shibarium Release

A new token slated to power the Shibarium Shiba Inu (SHIB) layer-2 ecosystem is leaping in price to start the new year.

Bone ShibaSwap (BONE), the utility token to be used for Shibarium’s transaction fees and other activities, is trading for $1.39 at time of writing, up 57% in the last two weeks, and 98% in the last month.

Shibarium developers made the announcement about BONE earlier this month.

According to the Shibarium project,

“This is to confirm and validate, from us, the official source, that BONE is and remains the only token selected for gas fees and use. No other tokens will be necessary to operate within the protocol.”

In anticipation of the Shiba Inu layer-2 network upgrade, Ethereum (ETH) whales have been accumulating SHIB at alarming rates.

Blockchain-tracking service WhaleStats reports that SHIB is the top altcoin holding among the 1,000 largest ETH whales, excluding ETH itself, stablecoins Tether (USDT) and USD Coin (USDC), and Lido Staked Ether (stETH).

The whale activity comes amid a flurry of announcements from the Shiba Inu team. Developers say that they will showcase their new Shiba Inu metaverse at the 2023 SXSW music and film festival in Austin, Texas.

The showcase will feature a virtual reality tour of the WAGMI Temple, one of 11 hubs in Shiba Inu’s metaverse that display the Dogecoin (DOGE) competitor’s history.

“Immersion in WAGMI Temple will be a welcome respite from the nonstop action of SXSW. WAGMI Temple – named after the crypto rallying cry of ‘We’re All Going to Make It’ – is a Zen-like realm with calming sensations, meditation, natural beauty, and spiritual connections to the world.

Echoes whisper through the region, with a rich history and discovery of SHIB’s birth and its decentralized roots.”

Just yesterday, BONE recorded a record 67,000 holders, as announced by the BONE Army.

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