- Shibarium hits over 3 million registered crypto wallets in a month.
- Gas fee token $BONE takes a hit amid volatile market conditions.
- $BONE’s renunciation unlocks burning & major listing potential.
Shiba Inu’s self-sufficient Layer-2 blockchain Shibarium has bumped into several hiccups in maintaining Bone ShibaSwap’s (BONE) price. The official Shibarium L2 gas fee token is trading at $0.789195, according to CoinGecko, facing an eye-watering 43.2% deficit in the last 30 days.
The Shiba Inu community, known as the SHIB Army, previously voted to stop all $BONE minting to maintain Shibarium’s gas and governance fee token scarcity. However, in an official blog post a week ago, Shibarium’s developers explained that $BONE had been initially programmed with a TimeLock on the decentralized multi-sig wallet to prevent a hostile takeover.
BONE Renunciation’s Pivotal Role for New Listings
BONE presently resembles the price curve already demonstrated in mid-July when it also fell below the critical support at $0.80. The token then significantly shot up to $1.73 amid the news that Shibarium’s mainnet would drop in August, retracing the bull run and plunging back below $1 on September 7th, 2023.
Following the news, BONE was welcomed to NoahSwap, a popular decentralized exchange. This adds NoahSwap to the list along with Biconomy, Bitget, MEXC, OKX, HTX, Crypto.Com, and several other known crypto exchanges.
Nevertheless, most Shiba Inu fans are still waiting to see Bone ShibaSwap adopted by the biggest players in the crypto game, including Binance and KuCoin. While the SHIB Army on X continues the listing request campaign all year round, neither of the two crypto giants has given a timeline yet for $BONE’s adoption.
On the Flipside
- Ranked #154, Bone ShibaSwap’s (BONE) technical implications point to a 4:0 ratio between bearish & bullish live on-chain signals.
- Key on-chain metrics put forward the significantly dropped large transactions & concentration, hinting at deferred whale activity.
Why This Matters
The smart contract renunciation for $BONE could open the doors for major listings, as no major global exchange except Crypto.com has allowed $BONE trading pairs so far.
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