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What's Behind 25% Rise of BONE, Shiba Inu's Token?

Thu, 12/08/2022 - 01:30
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Sabrina Martins Vieira
Learn what drives BONE's increase and whether this growth is sustainable
What's Behind 25% Rise of BONE, Shiba Inu's Token?
Cover image via U.Today

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The BONE token has experienced a 25% rise in the last seven days. This has made it one of the most prominent altcoins on the cryptocurrency market. But did you know this token is linked to another token known to the crypto market? BONE is part of the Shiba Inu ecosystem (SHIB).

Bone ShibSwap is designed to fit perfectly between SHIB and LEASH, another token that belongs to the meme altcoin in both supply and circulation.

BONE is a governance token that allows the SHIB army, the Shiba Inu community, to vote on upcoming proposals of Doggy DAO, a decentralized organization that is controlled by the community.

Voting will is determine which new trading pairs will be introduced to ShibaSwap decentralized exchange (DEX).

Holders have a major influence on which projects will be chosen, and the voting weight is proportional to the value of holdings in the asset.

Another way of using the BONE token is with ShibaSwap's DEX. The decentralized exchange offers its users the possibility of earning income by providing liquidity, staking and token exchanges.

The important thing about DEX is that it allows access to collections of non-fungible tokens (NFTs) at launch and portfolio trackers that make it easier for new investors to enter the blockchain industry.

At ShibaSwap you can be a liquidity provider and earn BONE as a reward.

BONE up 25%

One of the factors that positively impacted the token's price was the listing announcement made by cryptocurrency exchange Uphold. On Nov. 30, the crypto trading platform reported that it was listing seven altcoins on its exchange, and one of them was BONE.

This listing is a result of pressure from the Shiba Inu community that has also helped other exchanges take the same step. As an example, India's leading cryptocurrency platform, Sun Crypto, decided to offer the token to its customers.

The Cayman Islands cryptocurrency exchange StealthEX has also listed BONE.

Such developments have fueled rumors that Binance may be next to list the altcoin. As the exchange is the leader in its category in the crypto universe, trading BONE on its platform, in addition to bringing greater volume to the token, could increase its capitalization.

However, it is important to note that the listing of BONE on Binance is only speculation and that the crypto exchange has made no direct mention of this possibility. As such, a pullback in token prices might be seen.

Moreover, listing on a platform is not a foundation for an altcoin's value to increase. In other words, even if Binance does list, there is no guarantee that BONE will continue to rise, as it is still part of an entire ecosystem that revolves around a meme token.

In August, the altcoin was listed on BlueBit exchange and experienced a 200% rise in 10 days. But this growth was not sustainable, and in just 20 days, BONE saw a 25% drop.

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About the author

Sabrina has been creating content for the cryptocurrency market since 2018. Her career includes work for important news portals in Brazil, such as Cryptonizando and Guia do Bitcoin.
In addition, she is a partner of the portal and YouTube channel É Top Saber.
Her passion for blockchain news and education led her to create the news portal Bolhacrypto.
In order to help companies and projects in the cryptocurrency market to develop, Sabrina has been leading Varandacrypto, a company that offers content for blockchain projects.