Shiba Inu’s BONE Reclaims Key Support, SHIB Burn Soars 1359%

SHIB Army rejoiced as $BONE restored its long-term support line while 13M SHIB tokens went up in smoke.

Shiba Inu looking at a large bone with human hands in front of fireworks.
Created by Gabor Kovacs from DailyCoin
  • Shibarium’s gas fee and governance token $BONE reclaimed crucial support.
  • Shiba Inu (SHIB) decreased by 10% in the last seven days.
  • Thirteen million Shiba Inu tokens were sent to dead Ethereum wallets in the last 24 hours.

Bone ShibaSwap (BONE), the limited supply gas fee token for Shibarium, is back above $1. Capped at a max supply of 250,000,000, Shiba Inu’s BONE now trades at $1.07 with a 2.1% daily increase. 

As Shibarium is still in Beta testing mode, many crypto investors see this as the early stages of BONE’s growth. The alternative token has been confirmed to be the only one used for fees on the Layer-2 scaling solution.

Pupppynet Blooms, BONE Enters Bullish Divergence

Bone ShibaSwap has seen further adoption by multiple major crypto platforms like OKX,, and, most recently, the Dubai-based CetoEX. This comes from the successful ‘puppynet’ testnet performance, which reached 4.6 million $tBONE transactions in three weeks.


On top of that, the crypto data analytics tool IntoTheBlock suggests bullish on-chain signals for $BONE. Large transactions increased by 4.61%, signaling that whales decided to load up on BONE. Secondly, the bullish momentum is evident in the 1.25% increase in network growth.

On the other hand, the main token of the Shiba Inu Ecosystem, SHIB, cannot follow BONE to enter a bullish divergence just yet. However, this might change if the Shiba Inu (SHIB) burn rate continues to gradually increase, as the daily 1359.97% uptrend suggests the SHIB Army is motivated to maintain the canine coin’s market value. While there’s no way of automatically burning SHIB, the official Shibburn portal provides three publicly available dead Ethereum (ETH) wallet addresses.

On the Flipside

  • At the current market price, only 28% of Shiba Inu (SHIB) holders are In The Money, according to IntoTheBlock.
  • In comparison, Shibarium’s gas fee token Bone ShibaSwap (BONE) has 57% of holders making a profit at the current price.

Why You Should Care

Shiba Inu’s transition into a self-sufficient ecosystem might lead to faster transactions and cheaper fees than the current ERC-20 token on Ethereum (ETH).


What is Shiba’s BONE?

Bone ShibaSwap (BONE) is the gas fee token for Shiba Inu’s Layer-2 scaling solution. Once the Shibarium mainnet is launched, BONE will be the only token to govern and cover transactions.

How many BONE coins are left?

Currently, there are 229,923,445 $BONE tokens in circulation. The total supply number is 230,003,022, while max supply is capped at 250,000,000. The Shiba Inu community (SHIB Army) voted not to mint any more $BONE in a proposal last year.

How much SHIB has been burned?

At present, 410,633,245,624,001 Shiba Inu tokens were burnt from the initial supply, according to Shibburn. However, the official Shiba Inu burning tracker has yet to collect the data from other burn methods.

How many Shiba tokens are left to buy?

There are still 589,356,233,360,677 Shiba Inu coins in circulation, according to independent crypto data aggregator CoinGecko. Soon after launch, nearly half of the initial SHIB supply was burned by Ethereum founder Vitalik Buterin.

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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.