Shiba Inu’s (SHIB) Gas Token Bone ShibaSwap (BONE) Soars 22% – Here’s Why

Woman holding two shiba inu puppies next to falling large bones

While the crypto market continues to suffer from the aftershocks of the FTX thunderstorm, some lower-ranked altcoins manage to bounce back faster. Bone ShibaSwap (BONE) is one of the most mentioned cryptocurrencies on Twitter. Naturally, the upcoming Shibarium upgrade and recognition from popular crypto exchanges boosted Shiba Inu’s (SHIB) BONE market price by 22.2% in the last seven days. At press time, the 166th-ranked altcoin trades at $0.770029, according to CoinGecko.

BONE is Rising in High Hopes of Shibarium

While constantly trending already, members of the SHIB Army believe that BONE will play a key role in Shibarium. The Layer-2 solution for SHIB is just around the corner, as Shytoshi Kusama reassured he’s “focused on Shibarium.” Besides, a social hub for Shibarium has been created on Twitter recently.

The upgrade will transform SHIB from an ERC-20 token on Ethereum (ETH) to a self-sufficient ecosystem. Thus, the governance token BONE is going to be used to cover gas fees for transactions. In addition, BONE is likely to be utilized in SHIB: The Metaverse, as well as the blockchain version of the Shiba Eternity card game.

Ultimately, the SHIB Army is patiently waiting for the Layer-2 solution to go live. With many delays, the community is divided into two camps – the ones who claim that the developers should be a lot more specific when it comes to timelines and the ones who suggest that the devs should take as much time as they need.

Popular Crypto Exchanges are Digging BONE

The popularity of SHIB managed to give a needed boost to BONE, as it’s getting listed on popular crypto exchanges. For instance, the gas fee token has just been listed by UpHold, the New York-based retail crypto exchange.

On top of that, BONE was listed by the top Indian exchange SunCrypto. Previously, all three tokens of the SHIB Ecosystem were listed by the popular Estonian exchange Switchere. Besides, the SHIB Army is actively questioning Binance and Coinbase support on Twitter about the possible listing of the gas fee token.

On the Flipside

  • BONE is still below the $1 key support line.
  • In yearly terms, the gas fee token is down by 61.6%.
  • BONE is close to fully retracing its ATH set at $15.50.

Why You Should Care

Both the retail investors and popular crypto exchanges have a lot of hope in the enduringly popular SHIB. That’s evident in the proof of reserve shown by top crypto platforms like Binance and Crypto.com. To illustrate, Crypto.com holds 20% of its cryptocurrency reserves in SHIB.

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.

Author
Tadas Klimasevskis

Tadas Klimasevskis is an author & reporter, focusing on the latest tendencies of the crypto galaxy. Tadas spends his time digging deeper into specific areas like coins such as Shiba Inu (SHIB) & Dogecoin (DOGE), music NFTs, sports NFTs, digital art, and Pop culture in Web 3.0. Tadas strongly believes in crypto as disruptive innovation and keeps an eye out for new crypto hubs being developed around the globe. His vast experience in social media lets him quickly spot what’s going on in the mercurial world of crypto and deliver stories with unique spins. He has been active in blockchain and cryptocurrencies since 2019.