- 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, Crypto.com, 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).
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.
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.
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.
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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