The governance token for Shiba Inu, BONE, which also functions as the Shibarium’s Layer 2 gas token, has observed a significant uptick since June 10. After touching a low of $0.665, the token’s price has doubled, translating to 100% gains, and reached a peak of $1.16 in today’s trading. The notable ascent of BONE gathered momentum in the past 24 hours following several key announcements by Shiba Inu lead, Shytoshi Kusama, regarding the future of the SHIB ecosystem.
At the press time, BONE is trading at $1.16, marking an 8.99% rise in the past 24 hours and an increase of over 25% in the last seven daya. These gains are particularly significant given the broader crypto market’s current bearish climate following recent sell-offs. BONE is notably outpacing other dog-themed tokens, including SHIB, which has recorded losses at press time.
In a recent blog post on Thursday, Kusama disclosed a probable launch date for the highly anticipated Shibarium Layer 2 blockchain’s mainnet. The Layer 2 network would employ BONE as a gas token. Kusama suggested that the forthcoming Blockchain Futurist Conference, scheduled for this August in Toronto, might feature discussions and possibly the release of the eagerly awaited Shibarium Layer 2 solution.
Shibarium’s testnet, Puppynet, has witnessed substantial activity since its introduction on March 11, recording over 27,615,393 transactions from more than 17 million wallets. This substantial activity on the Shibarium testnet might indicate burgeoning demand for the network.
In an intriguing update, Kusama outlined the role of BONE governance in Shiba Inu’s decentralization in a recent blog post. According to Kusama, BONE plays a pivotal role in governing and bolstering technology within the community, notably in relation to the Shibarium gas fee.
A recent statement from a Shiba Inu official forecasting a jump to $2-$3 for the BONE token has set the cryptocurrency market buzzing. As speculation mounts, investors are waiting for this prediction to come true, optimistic that it could usher in a new era for BONE.
