Bone ShibaSwap (BONE), the governance token of the Shiba Inu decentralized exchange (DEX), saw a remarkable 11% price increase yesterday, reaching $0.8138. This surge in value can be attributed to a confluence of factors, including the explosive transaction growth on the Shiba Inu layer-2 scaling solution, Shibarium, and the upcoming SHIB token burns.
One of the key drivers behind BONE’s price surge is the surging transaction activity on Shibarium. The platform has surpassed a significant milestone, recording over 105 million total transactions. Since December 2nd, Shibarium has consistently maintained an average of 7.5 million daily transactions, with 7.36 million transactions processed in the past 24 hours alone.
The surge in Shibarium transactions can be partly attributed to the popularity of SRC-20 minting activities. This functionality allows users to inscribe data and ordinals onto the Shibarium blockchain, contributing to the overall transaction volume and network fees. According to the latest Shiba Inu magazine report, transaction fees on Shibarium have exceeded 1.4 million BONE. This highlights the potential for lucrative rewards for BONE holders as network usage continues to climb.
Shibarium has experienced a significant rise in transaction volume since the start of December. Network scans have revealed a daily increase in transactions, with the count starting at over 5 million at the beginning of the month and rapidly growing to more than 7 million by the 4th.
Further fueling the excitement within the Shiba Inu community are the upcoming SHIB token burns. These events involve intentionally removing SHIB tokens from circulation, aiming to reduce the overall supply and potentially boost the token’s long-term value. A significant $70,000 SHIB burn occurred last week, with three more manual burns scheduled from December 14 to 16.
The surge in BONE’s price reflects the growing vibrancy of the Shiba Inu ecosystem, propelled by the transaction boom on Shibarium and the strategic SHIB token burn. The interplay between increasing network activity, token utility, and community-driven initiatives positions ShibaSwap as a dynamic force within the decentralized exchange landscape. As the Shiba Inu community eagerly awaits the scheduled SHIB burns, the potential for further price movements and ecosystem development remains a focal point for stakeholders and enthusiasts alike.
