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Shibarium Popular Token BONE Soars 42%, Here's What Is Happening

Sat, 07/08/2023 - 10:17
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Tomiwabold Olajide
BONE rises to near 4-month high
Shibarium Popular Token BONE Soars 42%, Here's What Is Happening
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Shiba Inu's governance token Bone ShibaSwap (BONE), which is also the Layer 2 Shibarium gas token, had a significant move on July 7 after Shiba Inu's lead Shytoshi Kusama hinted at Shibarium's release heading toward the Blockchain futurist conference in Toronto this August.

BONE printed a massive green candlestick as it jumped from a low of $1.06 to reach a high of $1.31 on July 7. The rise advanced in the early hours of Saturday, with BONE reaching $1.39 at press time.

BONE is currently up 19.64% in the last 24 hours to $1.32. The Shibarium token is up 42% in the last seven days. Bone has reentered the top 100 cryptocurrencies with a market capitalization of $306.3 million.

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

The Shibarium token has been on a steady rise since June 10 after bottoming out at $0.665. The move gained ground with BONE surpassing the key MA 200 barrier at $1.13, which had hindered its price advance since mid-March. In the process, BONE rose to near four-month highs.

Shiba Inu token LEASH on rise

Shiba Inu ecosystem token DogeKiller (LEASH) was also rising alongside BONE. LEASH saw a massive move on July 7, which culminated in highs of $343.

The rise was sustained until press time, with LEASH up 10.57% in the last 24 hours to $333. The token is up 15.50% in the last seven days. In a July 6 tweet, Lucie urged the community to pay attention to LEASH as she shared a screenshot of Shiba Inu lead Shytoshi Kusama saying that LEASH having its governance was something big.

In a blog post during the week, Shytoshi Kusama gave an overview of how governance in the SHIB ecosystem would run. The core tokens in the SHIB ecosystem — SHIB, LEASH, BONE and TREAT — would have their governance.

According to Lucie, having its governance means that LEASH token holders, with a limited supply of 107,000 tokens, can actively participate in decision-making processes that shape LEASH's future.

Governance gives token holders the ability to exercise their voting rights and influence the governance parameters and policies of the token.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.