Shiba Inu Governance Token Shoots Up 96% Over The Past Month — Leaves Dogecoin, Pepe Coin Trailing In The Dust

After facing a challenging period this year, the Shiba Inu SHIB/USD sister tokens appears to have hit a near-term bottom earlier this week and is now showing signs of a turnaround. 

What Happened: Over the past few days, the meme-inspired crypto has been gaining momentum, bringing some hope to its investors.

Bone ShibaSwap BONE/USD, the governance token of ShibaSwap, a decentralized exchange that belongs to the Shiba Inu coin project, has been outperforming. 

BONE rallied 95.06% in the last 30 days, outpacing Dogecoin DOGE/USD, Shiba Inu, Pepe Coin PEPE/USD

Dogecoin was up 7%, Shiba Inu was up 20.29% and Pepe Coin was up 56% in 30 days.

Last week, Shiba Inu developer Shytoshi Kusama wrote that Shibarium, a layer-2 solution is expected to go live after an upcoming Toronto conference in August. 

Shibarium is expected to address scalability issues and reduce transaction fees through off-chain systems. 

See More: A Stay At The Floating Palace From James Bond's ‘Octopussy’

Why It Matters: Layer 2 technology refers to the implementation of independent blockchains on layer-1 protocols. 

These off-chain systems play a crucial role in addressing scalability issues and managing data congestion by consolidating multiple off-chain transactions into a single layer 1 transaction. As a result, this approach significantly reduces data loads and associated fees, providing a more efficient and cost-effective solution.

Data from Shibburn, a platform that tracks the burn rate of Shiba Inu, reveals a remarkable spike of 3876% in the burn rate within the last 24 hours. A staggering total of over 569 million meme tokens has been burned during this surge.

Burning tokens refers to the intentional removal of tokens from circulation. Typically, tokens are burned as a mechanism to control inflation and increase scarcity, potentially boosting the value of the remaining tokens.

Price Action: At the time of writing, BONE was trading at $1.32, down 8.19% in the last 24 hours, trading at $1.10, as per data from Benzinga Pro.

Photo Courtesy: Shutterstock.com

Read Next: Bitcoin, Ethereum, Dogecoin Drop As Mixed Signals Emerge From US Labor Market — Analyst Warns Of ‘Bad,’ ‘Explosive’ Developments For King Crypto

Join Benzinga’s Future of Crypto in NYC on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!