Binance CEO Changpeng Zhao, popularly known as "CZ," took to Twitter on Thursday to share that after a mere four hours of sleep, he awoke to some troubling events affecting the cryptocurrency world.
What Happened: CZ said a "Silicon Valley Bank" is having issues, the New York Attorney General is suing KuCoin, the White House is considering a 30% tax on mining electricity, and the Huobi token had a flash crash, causing other crypto prices to dip a bit.
But, he said, “Bitcoin (CRYPTO: BTC) [is] still producing blocks.”
Shiba Inu (CRYPTO: SHIB) ecosystem token BoneShibaSwap (CRYPTO: BONE) handle responded to CZ's comment, saying that Shibarium, the highly anticipated beta layer 2 scaling solution, will solve all the current problems.
The Shibarium beta network launches this week and BONE will be the official gas token used to facilitate transactions.
Don't worry, #Shibarium will solve all these problems. .#shibarium beta layer 2 this week . . . and $Bone is gas . . .
— Bone ShibaSwap (@BoneShiba) March 10, 2023
Price Action: At the time of writing, BONE was trading at $1.53, down 11.40% in the last 24 hours, according to Benzinga Pro data.
Read Next: Bitcoin Slumps To $20K, Ethereum, Dogecoin Shiver On Biden's New Crypto Tax Scheme: Analyst Sees 'Euphoric' Bears At This Level
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