Benzinga - Shiba Inu (CRYPTO: SHIB) ecosystem token Bone ShibaSwap (CRYPTO: BONE) is up 7% in the last 24 hours, even as top meme coins such as DOGE (CRYPTO: DOGE), Pepe Coin (CRYPTO: PEPE) and SHIB continue to tumble.
What Happened: As of the time of writing, the trading price of BONE stood at $1.23. However, other popular meme coins such as SHIB, DOGE, and PEPE experienced declines of 2.05%, 0.87%, and 0.97% respectively within the past 24 hours.
The surge in BONE’s price can be attributed to an announcement made by Shytoshi Kusama, the lead developer in the Shiba Inu ecosystem. Kusama revealed plans to transition the Shiba Inu Layer 2 blockchain network, Shibarium, into private mode.
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Why It Matters: The announcement comes on the heels of a disappointing launch for Shibarium. Following technical issues, the layer-2 blockchain for Ethereum (CRYPTO: ETH) specifically designed for the Shiba Inu ecosystem failed to gain traction.
Blockchain data from Shibariumscan on Friday revealed that transactions on the network were halted for at least five hours. Users had attempted to transfer 954 Ethereum, which is valued at approximately $1.7 million, as well as $750,000 worth of BONE, to the contract.
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