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Shibarium's Central Token BONE Spikes 12% in Past Week: Possible Reasons

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Tue, 3/01/2023 - 14:37
Shibarium's Central Token BONE Spikes 12% in Past Week: Possible Reasons
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According to CoinMarketCap, over the past seven days, the price of Bone ShibaSwap (BONE) token has jumped more than 12%, 4.33% over the past 24 hours. BONE is the central token on long-anticipated Shibarium, the Layer 2 upgrade of the Shiba Inu network.

Here is why this price surge may have happened and what factors stand behind the spike.

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Image via CoinMarketCap

Shibarium promised "very soon"

As reported by U.Today recently, the lead developer of Shiba Inu, known as Shytoshi Kusama on social media, congratulated the SHIB community on the Christmas and New Year holidays, stating that the crucial upgrade will be launched "very soon." However, it would not be during the holiday season since developers need this time to spend with their families.

Kusama also stressed how important the year 2023 would be for the entire crypto space, urging the SHIB community to enjoy the few days that lead into the new year.

Even before that, during the final week of 2022, Kusama shared that he and the Unification team were together "Aligning. Onboarding. Finalizing," again adding "very soon" to his tweet about the progress that had been made in regard to Shibarium.

BONE is expected to be the central token on Shibarium as it will be used for paying transaction fees. Some of these fees will also be used for burning SHIB, thus accelerating the burn rate currently supported by the SHIB community. Therefore, the rising expectations for Shibarium to be launched "very soon" could be why the BONE price went up.

Related

Binance may consider Shibarium important, here's why

On Jan. 2, the official account of BoneShibaSwap (BONE) suddenly reminded its manifold followers about a short news story released by the Binance exchange on Aug. 2. In that story, Binance wrote that Shibarium would be launched "very soon," thus spreading the word about it among its army of customers.

The BoneShibaSwap account stated that Binance tells its clients only about things that it believes to be "very important." The person(s) behind this account drew the conclusion that Binance now thinks that Shibarium is an important upgrade and is worth spreading news about.

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