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Shiba Inu Ecosystem's Token up 20% in 2 Weeks, Here's What Everyone Missed

Tue, 11/29/2022 - 12:09
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Gamza Khanzadaev
20% price spike of "key to Shibarium" went unnoticed by SHIB and DOGE enthusiasts
Shiba Inu Ecosystem's Token up 20% in 2 Weeks, Here's What Everyone Missed
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BONE, a token of the Shiba Inu ecosystem, is up 8% today, with only Dogecoin (DOGE) showing a similar result among tokens in the sector.

Source: TradingView

What is even more impressive is that the price of BONE has increased by 20% in the last two weeks, and it seems to have happened without many people noticing. This is indirectly evidenced by the trading volumes presented on CoinMarketCap, which have remained near or below their average values.

That said, the project team has recently been actively sharing information on both the future of the token itself and Shibarium, the long-awaited Layer 2 solution from Shiba Inu, where BONE plays an important role.

Related
Over 2 Trillion SHIB Wired as Altcoin Hype Reaches Its Peak

What's new about BONE?

BONE will become the currency for transactional fees on Shibarium, a gas token of the protocol, according to the official statements of the token's account. Moreover, an updated version of ShibaSwap, where the token is also actively used, should be introduced soon.

So far, it all looks like speculation, but the price of BONE is reacting. This could either be another "buy the rumor, sell the news" story or someone is accumulating large volumes of BONE, but due to low liquidity it has not gone unnoticed as usual.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.