BONE, the governance token of Shiba Inu, has experienced a significant uptick in the past week with its price surging by double digits during this period. At the time of writing, BONE has seen an increase of 0.5% in the past 24 hours reaching $1.20. Additionally, the token has witnessed a weekly rise of more than 40% making it the best performer among the top 100 tokens.
This spike holds major significance as BONE has managed to be bullish despite the recent market sell-off, which has left the crypto market in a bearish state. The recent growth of BONE could be attributed to the statement of Shitoshi Kusama, the lead developer of Shiba Inu.
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"BONE ShibaSwap surges 43% in a week - Here's why" Kusama Provides Tentative Date For Shibarium Launch
Kusama recently shared a potential launch date for Shibarium, a highly anticipated Layer-2 blockchain that will power the Shiba Inu ecosystem. In a blog post on July 6, Kusama mentioned that the mainnet launch of Shibarium could be discussed and unveiled at the Blockchain Futurists Conference in Toronto in August.
Kusama also explained the role of the multiple token systems that will be supported by Shibarium. The Shiba Inu ecosystem will be divided into four sections, each utilizing a unique token. SHIB will govern the community, while BONE will govern and support community technology such as Shibarium gas fees. LEASH will cater to community security and provide exclusivity, and TREAT will moderate and enhance community projects.
Following this disclosure, the price of BONE surged due to the positive sentiments from the community. BONE's unique role in relation to Shibarium gas fees makes it a vital token within the Shiba Inu ecosystem.
Shibarium is a significant development that has attracted the attention of many within the crypto community. Since its launch on March 11, PuppyNet, the testnet for Shibarium, has displayed remarkable activity, witnessing more than 27.5 million transactions from over $17 million wallets. This high level of activity on the Shibarium testnet is a major indicator of the potential of the network, with BONE playing a central role. "BONE ShibaSwap surges 43% in a week - Here's why"
BONE Price Prediction
BONE's value has been steadily increasing since June 11, when it reached its lowest point of $0.665. As of today's trading, it has risen by 100%, reaching a peak of $1.35. This optimistic trend is expected to continue in the upcoming weeks, with more developments anticipated to be implemented on Shibarium.
The current resistance level for the memecoin stands at $1.5. If a major correction occurs, the next support levels will be $1.30 and $1.25. As a result, BONE is likely to gain more momentum and break through new resistance levels.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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