BONE Price Up 12+% In 1 Week As Shibarium Transactions Surge

Shibarium has been a hot topic of conversation after the platform experienced a massive spike in its total transactions over the past few days. On 1 December, Shibarium’s total daily transactions jumped to 5.1 million, which pushed up the platform’s total transactions to 12,098,567.

However, just the next day, the cryptocurrency enthusiast that goes by the name of ClayBro shared in an X post that Shibarium’s total transactions reached 15 million. While reaching this milestone, ClayBro pointed out that Shibarium has accumulated 3.5 million Shiba Inu (SHIB) tokens to burn.

According to the Shibburn platform, the total SHIB that has been burnt from its initial supply stood at around 410,663,331,981,596 SHIB. The total circulating supply of SHIB was 580,497,152,135,445 as a result, while the total of SHIB tokens staked was estimated to be around 8,839,515,882,958 SHIB.

While a massive amount of daily transactions is not foreign in the Ethereum Layer-2 space, it is certainly new for Shibarium and the broader Shiba Inu ecosystem. As a result, the massive increase in the platform’s transactions could suggest that Shibarium has entered into a new and more successful era.

The surge in Shibarium’s transactions has certainly had a very positive impact on the price of the platform’s utility token Bone ShibaSwap (BONE). Data from the market tracking website CoinMarketCap indicated that the price of BONE experienced a more than 12% increase over the past seven days of trading.

However, the price of the meme token has pulled back a bit to trade at $0.7014 after its price took a 2.61% dip since yesterday. BONE’s 24 hour trading volume also took a 29% knock, which caused it to settle at around $8,039,918 at press time.

SHIB / Tether US 1D (Source: TradingView)

Meanwhile, SHIB’s price was able to climb by 1.67% throughout the past 24 hours, which brought up its trading value to $0.000008522. SHIB’s weekly performance was also up by about 1.72%.