Bone ShibaSwap [$BONE] is the governance token of the Shiba Inu decentralized ecosystem. $Bone became number 99 in ranking as the globally traded crypto in terms of market capitalization for the first time since launching early 2021. This happened as the project’s official Twitter Page confirmed that the Shibarium beta would happen in the “next week.” Prior to the disclosure, there were speculations that the event would occur in the week before the now-confirmed period. These rumors had triggered increased demand for SHIB.
According to CoinMarketCap, the BONE market cap gained 35% in the last seven days, allowing it to reach the landmark. The price also exchanged hands at $1.85, meaning that the token holders were able to make over 174% in profits. One part that the BONE hammered on that was vital to Shibarium was the SHIB burn. The mechanism involved sending tokens to dead wallets, and being unable to retrieve them. The objective was to make maximum supply scarce with a positive price input.
Now, BONE established that the beta launch will allow SHIB holders to buy the governance token while burning SHIB. Hence, BONE’s part in the layer-two (L2) Shibarium blockchain is important.
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At press time, Shibburn revealed that the rate had decreased by 91.88% in the last 24 hours. But as BONE pronounced the burn activity valid, the rate had the potential to increase by next week
Following the disclosure, Santiment showed that BONE’s volume skyrocketed to 24.02 million. This hike suggested that the average number of times the BONE token exchange wallets was at a high velocity.
Another metric that followed the same route was the exchange outflow. At the time of writing, the outflow surged to one of its highest since February began. This means that investors are likely sending BONE out of exchanges for the long-term while displaying possible bullishness in the short term.
SHIB’s lead developer Shytoshi Kusama had released a blogpost on , citing how the team has made Shibarium different. In the post, he explained how Shibarium beta should have happened in 2022, but certain challenges did not allow it. At press time, BONE seemed to be overtaking the 98th market cap position from EthereumPOW. However, SHIB exchanged hands at $0.0001323 while maintaining number thirteen in market cap terms.
In the long term, Shiba Inu will attract even more attention and continue to grow strongly. But for now, it is better to invest in stablecoins such as UUSD from Utopia ecosystem