Shiba BONE Official Rebuilds ShibaSwap, Shibarium Telegram Group
The Shiba Army has a new gathering place on Telegram. The new group launched with anti-bot features, while the old discussions will remain frozen. The SHIBA BONE OFFICIAL Telegram group is dedicated to ShibaSwap trading and the Shibarium ecosystem.
The Telegram group requires verification to prevent bots, and has more than 5,000 members since its launch.
The news arrives as Shiba Inu (SHIB) is on the verge of becoming a top 10 token again. SHIB benefitted from several trends in meme tokens and is seen as a close alternative to Dogecoin. The Shiba Inu project provides additional benefits with its Shibarium blockchain and various tokens for liquidity and decentralized trading.
SHIB market prices also benefit from regular token burns, which have helped the token “eat” more zeroes in the past. Currently, SHIB is a more mature asset, and a 10X is harder to pull off, but additional assets and rewards aim to compensate.
Token burns of SHIB come from fees, as well as from community projects, including NFT collections or gamified burns. The goal is to limit the SHIB supply and potentially drive scarcity.
SHIB Benefits from Shibarium Hard Fork
Almost two weeks passed since a Shibarium upgrade, with improved speed and low fees. The use of Shibarium also affects BONE, one of the main staking tokens in the Shiba Inu ecosystem.
BONE owners can move the asset from Ethereum to the Shibarium blockchain for improved speed and lower fees. BONE currently trades at a much higher valuation of $0.55, and has nearly 100K holders on Ethereum.
The token also exists as Shibarium Wrapped BONE, with just above 2,000 wallets with it. BONE is currently close to its lower range but has rallied close to $2 every few months in the past years. BONE’s performance adds to the ShibaInu exposure and helps retain the community of investors.
Shiba Inu Aims for Growth by Holding and Token Burns
The Shiba Inu community has shown a readiness to wait out bear markets and avoid selling to improve the performance of all tokens in the ecosystem. Shiba Inu relies on holding various ratios of SHIB, BONE, LEASH, and TREAT. The meme ecosystem also ties up with NFT collections and aims to draw in play-to-earn games as well.
In late April, Shiba Inu drew attention with its TREAT token, which will have a greater role in the coming months. TREAT is currently trading at $0.0008 and is building up liquidity on UniSwap and ShibaSwap.
ShibaSwap Aims to Revive Inflows
While SHIB remains a highly active token, the native ShibaSwap is trying to grow TVL and lock more liquidity. The exchange currently carries around $23.2M, but suffers from stagnant inflows. BONE liquidity is around 3.48M, generating $1.18M in daily activity.
The ShibaSwap exchange still manages to draw in $1.4M in annual fees, but has yet to achieve organic growth. Shiba Inu is also proactive in removing bots, hence the low organic activity on ShibaSwap. In 2024, the newly launched Telegram group is also trying to boost engagement and bring back trading.
BONE tokens are key for reviving decentralized trading and making ShibaSwap more important among DeFi projects. BONE is also key to network security, as it can be locked for block production.
Shiba Inu Among the Safest Projects
The Shiba Inu code is nearly three years old, and is among the safest decentralized projects. Regarding meme tokens, not all are made equal, and some hold significant risk.
Shiba Inu is one of the few meme projects regularly audited by Certik, with the latest checkup being in February. According to Certik, the Shiba Inu platform has a 92.36% security score, which verifies technical issues as well as the community and operations. SHIB remains a good alternative to being exposed to meme-based trading while avoiding rug pulls or unverified tokens.
Certik has focused on the ShibaSwap smart contracts, ensuring safety for liquidity providers. The given score puts Shiba Inu and ShibaSwap among the top 10% of safest and most transparent blockchain startups.
