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 August 24.
BONE Transfer Volumes. Source: Etherscan
A look at the data reveals that the number of new addresses and daily active addresses also surged. According to Etherscan, over 90,000 crypto wallets now hold the token.
BONE Addresses. Source: IntoTheBlock
At the same time, BONE, the native token of the Shibaswap decentralized exchange, defied a bearish trend that has suppressed the crypto market all week, gaining 20% in 24 hours.
During the past seven days, the value of BONE has increased by over 18%, more than making up for losses sustained at the time of Shibarium’s failed launch.
BONE Price. Source: BeInCrypto
Meanwhile, major cryptocurrencies, including Bitcoin and Ethereum, are trading more than 10% below their prices from last month. On the other hand, after a strong performance in recent days, BONE’s monthly change has taken it in the opposite direction.
Although BONE has bucked the wider market trend, equivalent gains haven’t been observed across the Shiba Inu ecosystem.
In the past week, SHIB has declined in value by 3.67%, underperforming compared to BTC and ETH. The final component of the tripartite token schema, LEASH, has faired better, clocking a 4.27% price increase in the same period.
