Shiba Inu's BONE Sees Price Bump Ahead of Shibarium

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Shiba Inu BONE Shibarium on mountain background
Credit: Unsplash

The price of Shiba Inu ecosystem token BONE has seen a surge in the last month as holders look towards the release of Shibarium.

With BONE set to be the gas token used in the Shibarium Layer-2, prospective users anticipate that it will have a major role to play in the future of SHIB.

After a Doggy DAO vote halted BONE minting on ShibaSwap in late June, reserving tokens for Shibarium validators, BONE’s price steadily rose throughout July. However, it saw a huge spike towards the end of the month. Here’s the rundown.

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Shiba Inu BONE Price Jumps

A quick look inside the BONE channel in the Shiba Inu Discord, lovingly dubbed the "worst channel" on the server, sees a renewed excitement around the SHIB ecosystem token. Celebrations were particularly strong as BONE regained the $0.70 mark, reaching a high of $0.73 on July 30.

During the bear market, spurred by the Luna crypto crash, BONE fell to a low of $0.31 on May 21. However, its price has doubled since then. BONE once again reclaimed the $0.70 price point, before dipping again to its current price of $0.64.

With a 30-day growth of 39.4%, BONE has outperformed the Shiba Inu price, which grew by 15.7%. It also outperformed the general crypto market cap’s 25% growth.

BONE’s Role In Shibarium

While only one aspect of the Shiba Inu roadmap, Shibarium remains one of the ShibArmy’s most requested products, alongside the Shiba Inu Game, now known as Shiba Eternity. BONE will play a major role in Shibarium, given it will be the gas fee used on the Layer-2.

This gas confirmation, alongside the Shibarium public beta announcement and ShibaSwap changes, kickstarted a BONE resurgence among the Shiba community. Its 24-hour trading volume has now reached the tens of millions in early August. This is opposed to the $1 million volume it hovered at in previous months.

Ahead of the Shibarium launch, BONE holders are hoping to see their token gain more listings on large crypto exchanges. With new Binance listings and new Coinbase listings being added frequently, holders continue to post tweets requesting exchanges list BONE.