Bone ShibaSwap (BONE), one of the tokens in the Shiba Inu ecosystem, has just announced its mega listing on South Korean trading behemoth Gate.io. According to the shared announcement, the trading was billed to commence at 4:00 a.m. UTC today, creating new accessibility for the millions of holders of the token.
The announcement has triggered a unique upshoot in the price of BONE, which is changing hands at $1.96, up 4.72% over the past 24 hours, and by more than 33% in the week-to-date period.
BONE holds a very important position in the Shiba Inu ecosystem, serving as the governance token for the fast-growing protocol. The digital currency will also be the utility token on Shibarium, the much-anticipated Ethereum-based Layer 2 protocol from the Shiba Inu team. Drawing on its importance, creating a whole new trading point for the token is a targeted move to court its long-term relevance across the board.
BONE has made many headlines in recent times, with one of these being support for Shibarium by popular crypto lending platform CoinRabbit. This positive ecosystem news has kept BONE as one of the best performers thus far this month.
Positive outlook for SHIB
Despite the fact that BONE and its parent token SHIB have very different fundamentals and tokenomics, the growth of the former is arguably a vote of confidence for the latter. With the new milestones being recorded on a daily basis, everything is traced back to Shiba Inu where it all began.
While its founding mantra was to outrank Dogecoin (DOGE), Shiba Inu has notably carved a new path of relevance for itself and the so-called Shib army that believes in its vision. Today, new utilities are being created on a regular basis by the protocol as it looks to expand its overall utility across the board.