Shiba Inu's Shibarium Token BONE Soaring, Here Are Likely Reasons

Shiba Inu governance token BONE, which is also the Layer 2 Shibarium gas token, has been on a steady rise since June 10 after bottoming at $0.665. From this low, BONE's price has doubled or achieved 100% gains, reaching highs of $1.16 in today's trade.

BONE's steady rise gained traction in the last 24 hours after Shiba Inu lead Shytoshi Kusama unveiled the next direction for the SHIB ecosystem while making a few announcements.

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At the time of writing, BONE was up 8.99% in the last 24 hours at $1.14. The token is likewise up over 25% weekly. The gains remain significant as the crypto market remains in red, given the recent market sell-off.

BONE is outperforming other dog-themed tokens, including SHIB, which is recording losses at press time.

Shibarium launch date announcement made

Shiba Inu lead Shytoshi Kusama revealed a likely date for the mainnet launch of the much-awaited Layer 2 blockchain, Shibarium, in a Thursday blog post. The Layer 2 network will utilize BONE as a gas token.

Kusama highlighted the possibility of discussions and the release of the much-awaited Shibarium Layer 2 solution at the Blockchain Futurist Conference, which will be held in Toronto this August.

Shibarium's testnet, Puppynet, has seen impressive activity since its March 11 launch, with a total of 27,615,393 transactions from over 17 million wallets. The impressive activity on the Shibarium testnet might suggest a demand for the network.

BONE governance role defined

In an exciting update, Shiba Inu lead Shytoshi Kusama defined the role of BONE governance in Shiba Inu decentralization in a recent blog post.

BONE governs and supports technology in the community - for example, in the Shibarium gas fee, as Kusama stated.

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Kusama explained that to ensure that the DAO gives all members of the Shiba Inu community an equal voice, the system's governance will be divided into four sections, one for each basic token in the Shiba Inu ecosystem.

He provided an overview: Shib governs the community itself, Bone governs and supports technology in the community (example: Shibarium gas fee), Leash reigns over community protection and also provides exclusivity, and Treat governs and enhances community projects.