During a week in which many major cryptocurrencies have struggled, the price of Shibaswap Bone (BONE) is up nearly 20% in seven days. Renewed activity on the Shibarium Layer 2 blockchain appears to have lifted BONE, which functions as a gas token on the network.

After an initial flop, Shibarium was successfully relaunched this week and is now up and running smoothly.

Shibarium Relaunch Ramps up Network Capacity

Shibarium is an Ethereum layer-2 blockchain built to power transactions across the Shiba Inu ecosystem. However, upon its debut on August 17, the new network was plagued by congestion.

Due to a surge in activity, many investors found their funds were stuck in the bridge contract.

Unable to deal with the influx of new users, Shibarium’s developers were forced to suspend operations. In the days that followed, they got to work, reinforcing its ability to deal with higher traffic volumes.

After updating the blockchain on August 24, developers relaunched Shibarium, and frozen funds began to reach their target destination. 

Shibaswap Bone Defies Crypto Bear Market as Transaction Volumes Soar

Following the successful reopening of the Shibarium network, BONE transfers spiked to nearly 13,000 on Augus

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Author: James Morales

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