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Home»Altcoins»Shibarium Shakeup: How the New Updates Will Impact SHIB
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Shibarium Shakeup: How the New Updates Will Impact SHIB

Saheel KhirodkarBy Saheel KhirodkarJanuary 11, 2023Updated:January 19, 2023No Comments2 Mins Read
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Shibarium Layer-2: What Is Shibarium, And When Is The SHIB Shibarium  Release Date
  • 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.

Shibarium Update 🧵

As we approach the launch of the upcoming Shibarium Beta Network, we first would like to start by thanking the Shiba community for bringing such energy and excitement surrounding the upcoming phased introduction.

1/6 🧵

— Shibarium Network (@ShibariumNet) January 4, 2023

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.

⚡️TOP GAINERS OF THE DAY!
5 January 2023$XYO $TONIC $BONK $DEP $APEX $FIS $BONE $PI $XNO $HNT pic.twitter.com/mLxkLngJAm

— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) January 5, 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.

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Saheel Khirodkar
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Saheel works as a content writer for Bitnewstoday. He has always been interested in journalism and enjoys writing. Furthermore, His interest lies in cryptocurrency, and is continuously seeking for new techniques to invest. In his free time, he enjoys staying up to date on the latest industry news and spending time with his family.

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