According to Shiba Inu’s official Twitter account, the Singapore-based MEXC exchange is set to reward eligible users in an upcoming event.
The promotional event is jointly hosted by the exchange in partnership with Bone ShibaSwap (BONE), which has set the prize at 5,555 BONE, which is up for grabs in the “Sign Up, Deposit and Trade” promotion.
MEXC Global x Bone "Sign up, Deposit & Trade" Event:
5,555 BONE Prize Pool
Event ends 2022-08-30 16:00 (UTC)
Full details: https://t.co/QnmDrSG2nV pic.twitter.com/CMKffggh2X
— Shib (@Shibtoken) August 26, 2022
MEXC Global launched BONE support in the first month of the year. This is one of the first marketplaces to list the Shiba Inu governance token.
Furthermore, U.Today reported that major cryptocurrency exchanges recently increased support for Shiba Inu by creating a USDC combination. MEXC stated in July 2021 that Shiba Inu could now be transacted on its platform, making it one of the first to offer Shiba Inu.
There are less than 65,000 BONE left, and interest in the token continues to soar. In the Shiba Inu community in June, they unanimously agreed to halt all BONE farming after 230 million tokens were generated.
Shibarium validators were supposed to receive the remaining 20 million tokens. However, there are still just 250 million BONE tokens available. According to sources, BONE is still up 3.73% at $1.05 compared to other crypto assets.
Other tokens were trading lower at the time of publication because of the recent market downtrend. Additionally, the BONE 24-hour trading volume is up 54.71%, demonstrating a return on investor interest.
Shiba Inu Now Accepted as Payment for Domain Names
A recent announcement indicates that users can now use Shiba Inu and other Bitpay-supported cryptocurrencies to purchase domain names. RightOfTheDot, the auctioneer and broker of digital assets and premium domain names, has included SHIB payment options on its platform.
Similarly, BitPay is now accepted by 123Miners, a marketplace for crypto mining devices, components, tools, and hosting services.
The meme altcoin has been on a downward trend following the market turmoil that has impacted the majority of tokens. Alongside its direct competitor, Dogecoin, Shiba Inu faces a tough time navigating the bloody crypto space as the price continues to plummet.
The meme coin has some interesting developments in its quest to perform optimally. However, it has difficulty convincing investors that it is not merely a speculative asset prone to price fluctuation.
Shibarium to Boots Shiba Inu’s Growth
Shibarium’s major goal is to lower transaction costs while increasing overall throughput efficiency. The developers believe Shibarium will process all transactions in seconds and at near-zero operational costs.
This will enhance the efficiency of decentralized applications and other initiatives for Shiba Inu. Indeed, several of the most notable Shiba Inu projects, including SHIB: The Metaverse and ShibaSwap, will function on Shibarium too.
Consider the current situation with Ethereum (ETH-7.21%) to appreciate why Shibarium is important.
Because Ethereum is sluggish and rather pricey for some operations (such as printing new NFTs), Layer 2 scaling solutions such as Polygon (MATIC 0.89%) sit atop Ethereum and speed up the entire process while simultaneously cutting gas expenses. This is why investors are more attracted to Polygon.