Shiba Inu Sister Token Spikes 4%, Outperforms DOGE and PEPE, After Lead Developer Says BONE To Serve As Passport To Shibarium

Bone ShibaSwap BONE/USD token within the Shiba Inu SHIB/USD ecosystem has outperformed popular meme coins like Dogecoin DOGE/USD and Pepe Coin PEPE/USD, rising by 4% in the last 24 hours.

What Happened: This surge in value comes after Shytoshi Kusama, SHIB lead developer on Monday announced plans to bolster the operations of Shibarium, an upcoming Layer 2 blockchain, by minting the remaining supply of BONE tokens and subsequently renouncing the BONE contract.

At the time of writing, BONE was trading at $1.51, while DOGE was down 3% and PEPE over 7% in the last 24 hours.

This move is crucial in establishing Shibarium’s functionality, as a portion of the BONE tokens will be allocated to validators, the foundational role within the nascent blockchain system. 

Within the SHIB community, BONE is assuming an increasingly important role as the launch of Shibarium draws near.

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

Why It Matters: Kusama emphasized that BONE will serve as a “passport” to the future, as token holders will have the opportunity to obtain a share of rewards.

The highly anticipated debut of Shibarium, a layer-2 solution, is anticipated to take place within this month. 

Price Action: At the time of writing, BTC was trading at $28,923 down 1.41% in the last 24 hours, according to Benzinga Pro.

Photo Courtesy: Shutterstock.com

Read Next: Bitcoin, Ethereum, Dogecoin Tumble After SEC Lawsuit Against Internet Marketer Richard Heart: Analyst Says July Wasn’t The Best Month For ETH, Predicts Rally In These 2 Months

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!