Bone ShibaSwap (BONE) Spikes 20% In A Week – Here’s Why
February 26 2023 - 7:44AM
NEWSBTC
Shiba Inu ecosystem token BONE has experienced a price surge of 20%
making it one of the best-performing altcoins in the past week.
This starkly contrasts the crypto market, which experienced a
significant consolidation during this period. BONE has
benefited from a few developments in recent weeks. This includes
the impending launch of layer-two blockchain Shibarium and recent
listings on top exchanges. Shibarium Announcement Sparks Bone
Price Rally Shibarium is the much-hyped layer-2 blockchain
touted as a game-changer for the Shiba Inu ecosystem. Since the
announcement of its development in 2022, there has been great
anticipation for its launch. Shiba Inu’s main developer,
known as Shytoshi Kusama, recently validated rumors by YouTuber
YourPop8 about Shibarium. The latter had said on February 18 that
the beta version of Shibarium would be released the following
week. The ShibArmy Canada Twitter account had initially
dismissed YourPop8 notion by stating that a YouTuber won’t announce
the release. But Kusama replied to the post by saying ‘’when he is
right, you owe him an apology.” Related Reading: Shiba Inu
Based BONE Poised For New All-Time High? Here’s Why Unsurprisingly,
Kusama’s comment has led to optimism in the Shiba Inu ecosystem.
Buoyed by this, BONE went from $1.46 to a weekly high of $2.10. Its
price subsequently corrected, and it fell as low as $1.83. However,
at the time of writing, BONE is back on a bullish trend and is up
20% over the last seven days. Apart from Kusama’s comments,
BONE has also experienced a wave of listings on exchanges. Earlier
in the week, Gate.io announced it would support Bone ShibaSwap with
the trading pair BONE/USDT. This is viewed as a positive move as
the exchange has over 10 million registered users. It is
common for tokens to experience price surges following listing on a
popular exchange. BONE followed suit as the token experience a
price spike of 6% following the announcement. Bone is not yet
listed on Binance and Coinbase, the two largest exchanges in the
world. There’s a growing expectation that the launch of Shibarum
will bring about listings from notable exchanges in the
future. What’s The Hype Behind Shibarium? Many crypto
enthusiasts have pushed Shibarium as a significant development for
good reasons. Shiba Inu has developed into a decentralized
ecosystem of products built on the Ethereum blockchain.
Related Reading: Why Blockchain And Crypto VC Funding Is Down In
Q4, According To This Report Ethereum blockchain is often
congested, and the switch to Proof-of-Stake has still not solved
the problems of gas fees. Shibarium is being developed as a cheaper
and more scalable alternative to the Ethereum blockchain. It
is a layer-2 blockchain built on Ethereum, similar to Polygon and
Arbitrium. Shibarium will be used by Shiba Inu products and other
applications that want to develop on this new network. BONE, as
Shibarium’s native token, will be used to pay commissions to
validators similar to ETH on the Ethereum network. For now, BONE,
like SHIB, are ERC-20 tokens, and when Shibarium launches, they’ll
also have a version on its network. Featured Image
from Coingecko.com, charts from Coinmarketcap.com and
Tradingview.com
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