- A popular centralized exchange adds BONE as a borrowable digital asset.
- BONE inked 55.7% in 30 days, hitting a monthly high of $1.54 on March 5.
- Only one out of the TOP 5 exchanges listed BONE despite amplified requests.
Shiba Inu’s alternative token, Bone ShibaSwap (BONE), received a substantial boost following Gate.io’s listing of BONE on Margin trading. Gate.io, the 12th largest cryptocurrency exchange by trading volume, answered the popular demand by adding BONE as a borrowable asset on the platform’s Margin trading offerings.
According to the official statement, BONE is available for Margin trading with up to three times leverage. The news served a 10% boost for BONE’s price, reaching daily heights of $0.966 on March 21, 2024, but later facing a market correction to hover above $0.90. The previously claimed resistance line at $0.90 has successfully transformed into a support cluster.
SHIB’s Continuous Quest to Speed Up BONE’s Adoption
The vibrant and proactive community of Shiba Inu custodians, popularly known as the SHIB Army, have contributed to BONE’s adoption via multiple listing campaigns across social media. While X is flooded with polite request messages asking top crypto platforms like Binance and KuCoin to list Shiba Inu’s BONE, these two exchanges haven’t responded yet.
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Moreover, the SHIB Army accelerated the BONE listing campaign since the developer team renounced the Shibarium’s gas fee token’s smart contract. This fulfills the promise of BONE capped at a limited supply, as the SHIB community previously voted to halt BONE’s minting despite its rising demand due to the inception of Shibarium Layer-2.
According to trading statistics, nearly 20% of all BONE trading is taking place on OKX, which is currently the world’s third-largest exchange. However, no other TOP 5 crypto exchanges have listed BONE, despite the piling requests on Shiba Inu’s social media. Shiba Inu’s BONE trades at $0.9195 at press time, gaining 5% over the past seven days.
On the Flipside
- While Margin trading expands the trader’s potential to capitalize on gains, the magnified risks ascribed to leveraged trading in comparison to Spot trades include a lack of token ownership.
Why This Matters
Shiba Inu is developing a self-sufficient ecosystem via Shibarium L2, in which BONE plays a crucial part as the gas & governance token.
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