After a massive Solana’s meme token BONK rally that saved Solana from losing the trust of the crypto community. The BONK rally even dried up the trading volume from rival meme cryptocurrencies Shiba Inu (SHIB) and Dogecoin (DOGE).
Finally, the Shiba Inu ecosystem is back in the news with updates on the Shibarium beta launch, an increase in burn rate, and a rally in token prices.
Shiba Inu Announces Shibarium Launch Hint Amid BONK Hype
Shibarium Network, the official Twitter handle of Shiba Inu’s Layer-2 Shibarium blockchain, posts its first tweet regarding the launch of the upcoming Shibarium Beta Network. Several Shiba Inu developers and influencers retweeted the original post and mentioned that the announcement was necessary.
Indeed, the announcement was necessary to convince the Shiba Inu community about the anticipated launch of the Shibarium blockchain in early 2023. SHIB core developer Shytoshi Kusama and the Shiba Inu ecosystem dropped several hints about the Shibarium beta launch.
Moreover, the hype surrounding the rival meme coin BONK shadowed the crypto community’s support for Shiba Inu and the upcoming Shibarium beta launch. Solana-based meme token BONK has rallied nearly 4352% in a week from a low of $0.00000009197.
In the last 24 hours, the BONK skyrocketed nearly 150%, with the current price trading at $0.000004149. The trading volume has also increased by over 1000% in the last 24 hours. It also led the Solana (SOL) price to hit a high of $14.10 in the last 24 hours. However, as suggested by CoinGape earlier, the Solana price faced resistance at $15 and dived lower to $13.
Also Read: How Sharp Selloff in Solana Meme Token BONK Will Impact SOL Price?
SHIB and BONE Prices Rally
Shiba Inu’s burn tracker Shibburn reported in a tweet on January 5 that 113,660,903 SHIB tokens were burned in just 7 transactions in the last 24 hours. SHIB burn has also increased immensely in the last few weeks amid the speculation of the Shibarium launch.
As BONE will be Shibarium’s only gas token, the price rallied nearly 20% massively in the last 24 hours. The BONE price is currently trading at $1.08. The 24-hour low and high are $0.912 and $1.120, respectively.
Meanwhile, the SHIB price is trading at $0.0000085, up nearly 5% in the last 24 hours. The trading volume has increased by nearly 120% in the last 24 hours.
Also Read: Shiba Inu’s Official Shibarium Account Shares Update On Launch
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
