With Shibarium confirmed, Shiba Inu’s BONE breaks into coveted list
- The ShibaSwap DEX token broke into the top 100 cryptocurrencies in market capitalization.
- The Shibarium launch could propel it to rise again as the event gets fixed for next week.
Bone ShibaSwap [BONE], the governance token of the Shiba Inu [SHIB] decentralized ecosystem, became number 99 in terms of market capitalization for the first time. This happened as the project’s official Twitter Page confirmed that the Shibarium beta would happen in the “next week.”
The most #important topics for everyone!
1. It has been confirmed that #Shibarium Beta will be released next week
2. Over a million #Shiba holders will buy $bone for very low fees and burn $Shib with every transaction.
3. You will need #bone for everything in the #shib ecosystem
— BoneShibaSwap (@BoneShiba) February 21, 2023
Realistic or not, here’s BONE’s market cap in SHIB’s terms
Refining the burn game as Shibarium takes center stage
Prior to the disclosure, there were speculations that the event would occur in the week before the now-confirmed period. These rumors had triggered increased demand for SHIIB.
According to CoinMarketCap, the BONE market cap gained 35% in the last seven days, allowing it to reach the landmark. The price also exchanged hands at $1.85, meaning that the token holders were able to make over 174% in profits.
One part that the BONE hammered on that was vital to Shibarium was the SHIB burn. The mechanism involved sending tokens to dead wallets, and being unable to retrieve them. The objective was to make maximum supply scarce with a positive price input.
Now, BONE established that the beta launch will allow SHIB holders to buy the governance token while burning SHIB. Hence, BONE’s part in the layer-two (L2) Shibarium blockchain is important.
At press time, Shibburn revealed that the rate had decreased by 91.88% in the last 24 hours. But as BONE pronounced the burn activity valid, the rate had the potential to increase by next week.
Delight! Live in the flesh
Following the disclosure, Santiment showed that BONE’s volume skyrocketed to 24.02 million. This hike suggested that the average number of times the BONE token exchange wallets was at a high velocity.
Another metric that followed the same route was the exchange outflow. At the time of writing, the outflow surged to one of its highest since February began. This means that investors are likely sending BONE out of exchanges for the long-term while displaying possible bullishness in the short term.
Read Bone ShibaSwap’s [BONE] Price Prediction 2023-2024
SHIB’s lead developer Shytoshi Kusama had released a blogpost on , citing how the team has made Shibarium different. In the post, he explained how Shibarium beta should have happened in 2022, but certain challenges did not allow it.
— Shytoshi™ (@ShytoshiKusama) February 20, 2023
At press time, BONE seemed to be overtaking the 98th market cap position from EthereumPow [ETHW]. However, SHIB exchanged hands at $0.0001323 while maintaining number thirteen in market cap terms.