What Happened: This surge in value comes after Shytoshi Kusama, SHIB lead developer on Monday announced plans to bolster the operations of Shibarium, an upcoming Layer 2 blockchain, by minting the remaining supply of BONE tokens and subsequently renouncing the BONE contract.

At the time of writing, BONE was trading at $1.51, while DOGE was down 3% and PEPE over 7% in the last 24 hours.

This move is crucial in establishing Shibarium’s functionality, as a portion of the BONE tokens will be allocated to validators, the foundational role within the nascent blockchain system. 

Within the SHIB community, BONE is assuming an increasingly important role as the launch of Shibarium draws near.

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Why It Matters: Kusama emphasized that BONE will serve as a “passport” to the future, as token holders will have the opportunity to obtain a share of rewards.

The highly anticipated debut of Shibarium, a layer-2 solution, is anticipated to take place within this month. 

Price Action: At the time of writing, BTC was trading at $28,923 down 1.41% in the last 24 hours, according to Benzinga Pro.

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