Shiba Inu rises after announcing Layer 2 launch as bone token pops; US markets closed

Shiba Inu and bone led gains after the announcement of a Layer 2 network for the ecosystem. U.S. markets are closed to observe Martin Luther King Jr. Day. 

Bitcoin was trading at $20,770 at 9 a.m. EST, up 0.4% over the past 24 hours, according to TradingView data. The leading cryptocurrency by market cap had been trading above $21,000 late Sunday but fell below the level overnight. 

The buoyant market over the past week saw the global crypto market capitalization climb back above $1 billion, according to The Block data. 

Ether continues to trade above $1,500, up around 0.7% over the past day. Binance’s BNB was relatively flat as it flirted with $300; Ripple’s XRP rose 0.9%, and Cardano’s ADA gained 1.1%. 

Shiba Inu tacked on 2.8% following the announcement that developers are preparing to release the meme token’s Layer 2 network, called Shibarium, in beta form. Transactions on the Ethereum-based chain will be paid for using bone, the governance token of the Shiba DAO.

Bone tokens will be used to reward validators and delegators on the network, and 20 million currently worth $27 million have been reserved for the payments. Developers say the system will improve the utility of the bone token, which jumped over 12% to $1.34 following the announcement. 

Crypto stocks

U.S. markets are closed for Martin Luther King Jr. day. 

Looking ahead, traders will keep a keen eye on FOMC members this week as no fewer than 10 of the policy committee are slated to speak at various events. 

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