- Shibarium achieves record transactions and millionaire addresses, fueled by BONE token.
- Despite milestones, BONE token price struggles to recover from August losses.
- Shibarium had a rough start but quickly gained momentum after swift relaunch.
Shiba Inu’s crypto ecosystem is experiencing a mix of growth and challenges as Shibarium, its blockchain platform, reaches a historic milestone. Shibarium has recorded 1,868,093 transactions and boasts 1,125,496 wallets.
Meanwhile, Shiba Inu’s governance token, BONE, has seen a remarkable 50% increase in millionaire addresses holding between 10 million and 100 million BONE tokens over the past month.
This surge in millionaire addresses also correlates with substantial monthly account balance growth at 46.53%. The positive trend extends to other address categories as well, with a 4.76% increase in addresses holding 1 to 10 million BONE and a 16.97% increase in addresses holding between 0 and 10 BONE tokens.
BONE Functionality in Shiba Inu Ecosystem
BONE plays a crucial role as a gas token for Shibarium, facilitating its Layer 2 solution. With Shibarium’s successful launch, it has amassed 1,582,853 total transactions, 1,125,138 wallet addresses, and 541,046 total blocks. The launch of Shibarium has also pushed BONE’s total number of addresses to a new record high of 192,760.
Shibarium’s functionality relies on validators using BONE tokens to generate blocks and participate in Proof of Stake (PoS) consensus. The network currently boasts a total of 26,138,403 staked BONE coins, indicating strong participation.
Despite these positive developments, the price of BONE has yet to fully recover from significant losses in August, concluding the month with an 18.36% decline. Currently trading below $1, BONE has experienced a modest 1.95% increase in the last 24 hours, reaching $0.95.
On the other hand, Shibarium has faced a surge in transaction volume, with the number of transactions more than doubling in the past two days. In the last 24 hours alone, Shibarium recorded an impressive 177,050 transactions, bringing the total to 420,000 since its full launch in late August.
In conclusion, the Shiba Inu team have proved themselves to be excelling through their storms. After a rocky start to the Shibarium launch, the Shibarium ecosystem seems to be thriving after a quick relaunch.
