- The only token chosen for use on Shibarium and for gas fees will continue to be BONE.
- Metrics supporting BONE’s rise made it one of the top gainers on January 5.
On January 5, Shiba Inu [SHIB] posted a new update to its Shibarium via a Twitter thread. Shiba Inu addressed some misconceptions about the tokens in the tweet as investors got closer to the much-anticipated layer-2 blockchain’s launch.
This new update gave hope that the launch might finally be on its way, as it has been delayed for a while.
Rumors are not to be believed
Shibarium confirmed in an official tweet that BONE will continue to be the only token chosen for gas fees and use. In order to function within Shibarium, no additional tokens will be required. As soon as this information was made public, the price of BONE began to rise and record gains, making it one of the top gainers 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.
This may be advantageous for SHIB
SHIB’s weekly chart was painted green, however, the meme coin’s price saw a 3% decline in the last 24 hours. Market capitalization stands at over $4.6 billion.
There are reasons to be optimistic though, as a few on-chain metrics are in SHIB’s favor. For instance, the MVRV ratio has increased over the past week.
Positive sentiments have also spiked around SHIB, with the community showing trust and faith in the meme coin. The total number of transactions have increased by 2.73% compared to January 5th.
According to CryptoQuant’s data, SHIB’s net deposits on exchanges have been low compared to the last seven days, indicating less selling pressure. However, the network growth has recently seen a steep decline.
