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Shibarium new updates and here is how it can affect SHIB

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  • BONE will remain the only token selected for gas fees and use on Shibarium. 
  • BONE became one of the top gainers on 5 January, with metrics supporting its rise.

Shiba Inu [SHIB] released a new update on its Shibarium through a Twitter thread on 5 January. As investors approached the launch of the much-awaited layer-2 blockchain, Shiba Inu, in the tweet, cleared up a few rumors related to the tokens.

As the launch has been delayed for quite a while now, this new update gave hope that the launch might finally be on its way. 


Read Shiba Inu’s [SHIB] Price Prediction 2023-24


Rumors are not to be believed 

As per the official tweet, Shibarium validated that BONE will remain the only token selected for gas fees and use. No other tokens will be necessary to operate within Shibarium. As soon as this information was revealed, BONE’s price took an upward path and registered gains, becoming a top gainer as of 5 January 2023. 

The tweet also mentioned that Shibarium was created for Shibtoken, not for the benefit of other projects that could stake a claim to ownership or create speculation about its operability’s dependency on other tokens.


How many SHIBs can you get for $1?


This can be good news for SHIB 

Though SHIB’s weekly chart was painted green, the meme coin’s price did not seem to correspond well with these updates. As per CoinMarketCap, SHIB’s price declined by 3% in the last 24 hours, and at press time, it was trading at $0.000008385 with a market capitalization of over $4.6 billion. 

Investors might still have reasons to look forward to better days, as a few on-chain metrics were in SHIB’s favor. For instance, SHIB’s MVRV ratio registered an uptick over the past week, which was a positive signal.

Positive sentiments around SHIB also spiked, reflecting the community’s trust and faith in the meme coin. The total number of transactions has increased by 2.73% compared to 5 January, which was optimistic. 

CryptoQuant’s data revealed that SHIB’s net deposits on exchanges were low compared to the last seven days, which was also bullish as it indicated less selling pressure. However, the network growth, after going up, registered a steep decline. 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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