Shiba Inu BONE Price Soars By 50% Amid Listings And Shibarium Rumours
BONE, the Shiba Inu governance token, has witnessed a price increase of over 50% in the last week, owing to a steady stream of favorable news regarding the SHIB-related coin.
BONE has defied the prevailing crypto trend, because of fresh listings and general excitement for Shibarium Layer-2. Out of the top 600 cryptocurrencies, it is one among the top 10 fastest-growing coins.
So, what caused this price movement in BONE? Let's take a look at what we've got.
The BONE of the Shiba Inu has increased dramatically.
According to the most recent price statistics, BONE has increased by 55 percent in the last seven days, hitting a price of $0.55 on June 9. With a market valuation of $42 million, it has gained 22 percent in 24 hours.
With this price increase, BONE is able to recoup all of the losses it suffered in early May. SHIB, BONE, and LEASH were all affected by the Luna crypto collapse following Luna 2.0 debut.
Of course, it's impossible to predict if this upward trend will continue or whether a BONE correction will occur soon, resulting in a price drop. BONE is down 2% in the last hour as of 1:07 PM BST on June 9. BONE is still down from its earlier highs, having traded between $1 and $2 until early 2022.
Why is BONE on the rise?
While there is no single cause for this price increase, a number of significant events might explain why BONE is on the rise.
The first and most often recognized cause is BONE's participation in Shibarium, Shiba Inu's layer-2. Shibarium, possibly the most anticipated project on the Shiba Inu agenda, will be powered by BONE, a gas token. As a result, it's feasible that holders are purchasing BONE in the hopes of seeing it appreciate in value when Shibarium is released.
However, hopes for a Shibarium launch at the Unification main net release were dashed. There was no new Shiba Inu material in the mainnet release on June 8. Shibarium documentation is still slated to arrive this month.
The Shiba Inu Doggy DAO's projected transition to the next phase, with a SHIB Yield Farming Vote, might potentially be a role. BONE is Doggy DAO's governance token, which means that BONE holders will vote on future SHIB ecosystem proposals.
Aside from that, fresh BONE listings are beginning to appear on crypto exchanges. Smaller exchanges, like BTCEX, have recently added BONE support, while Bitstamp has officially listed Shiba Inu.
BTCEX will list $BONE (Bone ShibaSwap) spot trading @Shibtoken
— BTCEX - Multiply Your Options (@BTCEX_exchange) June 8, 2022
Trading Pair: BONE/USDT
Deposit: 8/6/2022, 7:00 AM (UTC)
Trading: 8/6/2022, 9:00 AM (UTC)
More info 👉 https://t.co/DdY243wZmK#BTCEX #SHIBARMY #BONE #shibainu pic.twitter.com/5Rivje7aK2