Shibarium’s central token BONE (CRYPTO: BONE) rose more than 18%, reaching the $1 mark early on Thursday morning.
What Happened: At the time of writing, BONE was trading at $1.10. BONE is the core token of the eagerly awaited Shibarium, the Layer 2 upgrade of the Shiba Inu network.
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BONE is outperforming meme cryptocurrencies such as Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB).
DOGE was trading at $0.07465, up 3.21%. SHIB was trading at $0.000008728, up 5.50% in the last 24 hours, according to Benzinga Pro.
The rise in BONE price can be attributed to the lead developer of Shiba Inu, Shytoshi Kusama, congratulating the SHIB community on the Christmas and New Year holidays and reassuring them that the crucial upgrade is going to be launched "very soon."
It is anticipated that BONE will be the dominant token on Shibarium, since it will be used to cover transaction costs which, in turn, will contribute to increasing the rate of SHIB burning.
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