Shiba inu

Shiba Inu Shibarium Launch: Bone and SHIB Rally

Shiba Inu-related tokens, SHIB and BONE, have seen their values rise after the meme coin lead developer Shytoshi Kusama announced an August launch date for Shibarium.

In a blog post on Thursday, Kusama disclosed the project will be sponsoring the Blockchain Futurist Conference, which will be held in Toronto in August. It is at this location that the project will exhibit its completed WorldPaper. The Shibarium Layer-2 would also be discussed at the event, and “there is a very high possibility of releasing it.”

Shibarium Gets Launch Date

Kusama also wrote about the Shiba Inu ecosystem becoming fully decentralized and mentioned that this would happen through decentralized autonomous organizations (DAO). 

The developer announced their plan to introduce DoggyDAO, a funding mechanism on Shibarium that SHIB holders will operate to support projects.

The Shibarium Layer-2 network is one of the most anticipated projects this year, especially within the Shiba Inu ecosystem. With its launch date now set for August, many will be looking forward to what it can offer.

Meanwhile, on-chain data suggest that Shibarium would enjoy heavy adoption from the community. Its Puppynet testnet has already recorded over 28 million transactions and 17 million wallet addresses in less than five months of its launch.

Shibarium Testnet Transactions (Source: Puppyscan)

Since the announcement, BONE, the native token of the layer2 network, has seen its value rise significantly. According to BeInCrypto data, BONE is up 51% in the past seven days to $1.43 as of press time.

The news also appears to have positively affected SHIB, which has enjoyed a quick upside during the weekend. Per BeInCrypto data, SHIB rallied to $0.00000777 after gaining nearly 6% in the last 24 hours.

Crypto Traders' Interest in Shiba Inu Rekindled
Crypto Traders’ Interest in Shiba Inu Rekindled (Source: Santiment)

Blockchain analytical firm Santiment noted that crypto traders were regaining interest in the meme coin. Over the past week, there have been 14 whale transfers that exceeded $1 million—the highest level in the last three months.

Besides that, SHIB’s number of unique tokens circulating also reached a 3-week high.

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