Shiba Inu’s BONE Hits $1 Mark Despite Mixed On-Chain Metrics

The freshly introduced birth spot of Shibarium induces a new monthly high for $BONE.

shiba inu looking up at a green dinosaur made of bones holding a dollar,
Created by Kornelija Poderskytė from DailyCoin
  • Shibarium gas fee token $BONE reaches the highest point of the month.
  • Shy Kusama replies to Shibarium mainnet launch rumors in Toronto.
  • On-chain signals point to unusual Ethereum whale behavior.

According to on-chain metrics, Shiba Inu’s Bone ShibaSwap (BONE) reclaimed the northbound key support line of $1, but not without hiccups. The 9.4% daily uptrend for $BONE comes after last week’s revelation that SHIB Token will likely present at the annual ETHToronto conference. At press time, 151st ranked $BONE is priced at $1.04, according to CoinGecko.

Canada Promises Big Things for SHIB

The speculated Canada presentation would encompass SHIB: The Metaverse, Shibarium Layer-2 scaling network, Sbibacals physical NFT studio, and Shiba Eternity, the collectible card game. This year’s edition of ETHToronto is set to take place from August 15-16th, 2023, according to the official website of the crypto summit.

An Ethereum conference held in Toronto would be a logical starting point for Shibarium L2 mainnet, because of Vitalik Buterin’s initial donation to Shibburn. Ethereum’s founder received half of the total supply and set it ablaze to remove half of the minted Shiba Inu tokens from circulation.

The event could go down in history as the landmark of Shibarium’s launch. The rumors have floated across all Shiba Inu socials, while Shytoshi Kusama stepped into Telegram to validate it last weekend. After Shiba Inu telegram member Mark remarked, “Shibarium will launch at ETHToronto on 13th…” Shy uttered, “Mark.. his words.”

On-Chain Signals Split Even for BONE

Meanwhile, Shibarium-related projects like DogPad Finance are loading up on $BONE, as the launchpad project recently acquired 50,000 $BONE. However, this trend is nowhere to be found in the on-chain metrics, which are bearish on concentration and large transactions. Notably, this indicates a lack of interest from Ethereum whales.

On the other hand, BONE’s key on-chain metrics unravel a bullish trend in net network growth and holders in the money. The 0.43% network growth metric suggests an uprise in newly registered wallets, while a 3.11% increase in the ‘In The Money’ signal brings total $BONE holders making a profit to the majority of 51% for the first time since April 2023.

On the Flipside

  • The current upsurge of $BONE is still far from the all-time high of $15.50.
  • This was achieved on July 7th, 2021, while $BONE retraced 93% of the gains since.

Why This Matters

Shiba Inu (SHIB) has one of the largest and most active communities in the cryptosphere.

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When did the BONE token start?

Bone ShibaSwap (BONE) was launched in July 2021. Erected along with ShibaSwap’s decentralized exchange, the gas fee token was priced at $15.50 on launch day.

Is BONE the same as Shiba Inu?

Both are ERC-20 tokens, but generally, they are not the same. $SHIB is the main token of the ecosystem, while $BONE is the gas fee token for Shibarium L2.

Is BONE listed on Binance?

No, Bone ShibaSwap (BONE) is not listed on Binance. BONE is currently available on Huobi,, OKX, and decentralized platforms.

What is the purpose of LEASH in Shiba Inu?

$LEASH is used on ShibaSwap decentralized exchange to stake. The hefty rewards can include yield, NFTs, and airdrops concerning SHIB: The Metaverse.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.