Shiba Inu (SHIB) and Bone ShibaSwap (BONE) Experience Significant Surge with Shibarium Beta Bridge Launch

Shiba Inu (SHIB) and Bone ShibaSwap (BONE) Defy Crypto Market Downtrend with Shibarium Progress

In the midst of a broader cryptocurrency market decline, Shiba Inu (SHIB) and its affiliated platform Bone ShibaSwap (BONE) have shown remarkable resilience, experiencing upward trends this week.

As of the time of writing, SHIB is trading at $0.000008, displaying a noteworthy 6% increase in the last 24 hours, as well as the same percentage gain over the past seven days.

Meanwhile, the overall crypto market cap experienced a slight contraction from approximately $1.25 trillion to $1.23 trillion this week, representing a decline of around 1.68%.

BONE, ranked 111th among cryptocurrencies by market cap, is currently valued at $1.41. It has surged by 8.78% within the last 24 hours and over 9% in the past seven days.

The recent price surges can be attributed to significant developments surrounding Shibarium, Shiba Inu’s eagerly anticipated layer-2 scaling solution, and the beta release of its cross-chain bridge for public testing.

The bridge is a groundbreaking innovation that utilizes both Plasma and proof-of-stake (PoS) technologies, enabling seamless token transfers between Shibarium and Ethereum (ETH), in addition to serving as a robust scaling solution itself.

However, the Shiba Inu team has issued a word of caution to crypto traders, advising them not to utilize actual digital assets on the bridge at this stage. Instead, they recommend using test tokens from faucets, which are platforms that distribute small amounts of tokens for users to carry out simple tasks on blockchains.

Despite the ongoing market challenges, the progress of Shibarium and the introduction of the cross-chain bridge have infused optimism in the Shiba Inu and Bone ShibaSwap communities, contributing to their recent positive price movements. As the platform continues to evolve, investors and enthusiasts eagerly await further updates and real-world implementations of these technological advancements.

Read Also: JPMorgan Chase Loses $75B in Institutional Deposits Due to High Yield Demands: Report

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.