The Shiba Army has established a new Telegram group with enhanced anti-bot features, while the previous discussions have been archived. Named SHIBA BONE OFFICIAL, this group focuses on ShibaSwap trading and the Shibarium ecosystem.
To join, members must undergo verification, and the group has already attracted over 5,000 participants.
This development coincides with Shiba Inu (SHIB) poised to reclaim a spot in the top 10 tokens. SHIB has capitalized on trends in meme tokens and is viewed as a close rival to Dogecoin. The project distinguishes itself through its Shibarium blockchain and diverse tokens catering to liquidity and decentralized trading.
SHIB's market prices also benefit from regular token burns, which have historically reduced the number of zeroes in its value. While achieving a 10X increase is now more challenging, the project offers additional assets and rewards to offset this. Token burns are sourced from fees and community initiatives like NFT collections or gamified burns, aimed at controlling SHIB's supply and fostering scarcity.
Shibarium Hard Fork's Benefits for SHIB
It has been about two weeks since Shibarium was upgraded, offering faster speeds and cheaper costs. BONE, one of the primary staking tokens in the Shiba Inu ecosystem, is likewise impacted by the use of Shibarium.
For faster processing and cheaper fees, BONE owners can transfer their asset from the Ethereum blockchain to the Shibarium blockchain. Currently trading at a somewhat higher $0.55 valuation on Ethereum, BONE has close to 100,000 holders.
The token is also known as Shibarium Wrapped BONE, and it is present in slightly more over 2,000 wallets. Although BONE has historically risen about $2 every few months, it is currently nearing its bottom range. The performance of BONE increases exposure to ShibaInu and aids in keeping the investor community.
Shiba Inu Sees Growth Through Holding and Burning Tokens
To increase the performance of all tokens in the ecosystem, the Shiba Inu community has demonstrated a willingness to weather bear markets and refrain from selling. Holding different ratios of SHIB, BONE, LEASH, and TREAT is essential for Shiba Inus. Additionally connected to NFT collections, the meme ecosystem seeks to attract play-to-earn games.
Shiba Inu gained notoriety at the end of April with its TREAT token, which will play a bigger part in the upcoming months. At $0.0008, TREAT is presently trading and increasing its liquidity on ShibaSwap and UniSwap.
ShibaSwap Wants to Bring Back Flows
The native ShibaSwap is working to increase TVL and lock in additional liquidity, even if SHIB is still a very active token. The exchange has about $23.2 million in assets at the moment, but inflows are static. With $3.48 million in liquidity, BONE generates $1.18 million in activity every day.
Although it still manages to bring around $1.4 million in annual fees, the ShibaSwap exchange has not yet experienced organic development. The low level of organic activity on ShibaSwap can be attributed to Shiba Inu's diligent removal of bots. The recently formed Telegram group in 2024 is likewise attempting to increase participation and revive trading.
In order to revitalize decentralized trading and increase ShibaSwap's prominence among DeFi initiatives, BONE tokens are essential. Additionally essential to network security is BONE, which can be locked for block production.
One of the Safest Projects is the Shiba Inu
Almost three years old, the Shiba Inu code is one of the safest decentralized projects. Not all meme tokens are created equal, and some carry a considerable risk.
One of the few meme projects that Certik audits on a regular basis is Shiba Inu; the most recent audit was conducted in February. Certik's security score for the Shiba Inu platform is 92.36%, which verifies not only the community and operations but also technological concerns. Rug pulls and unconfirmed tokens are still avoided by using SHIB, which is still a good substitute for meme-based trading.
With an emphasis on the ShibaSwap smart contracts, Certik has made sure that liquidity providers are safe. Shiba Inu and ShibaSwap are in the top 10% of the safest and most transparent blockchain startups.
May 2024, Cryptoniteuae