The Shiba Inu governance token BONE has seen a price jump of over 50% in the past week as a stream of positive news about the SHIB-related token continues to break.
From new listings and the general anticipation for Shibarium Layer-2, BONE has bucked the general crypto sentiment. It is one of the top 10 largest growing coins out of the top 600 cryptocurrencies.
So how exactly did this BONE price action happen? Let’s take a look.
Shiba Inu’s BONE Sees Huge Spike
According to the latest price data, BONE is now up some 55% in 7 days, as of June 9, reaching a price of $0.55. It is now up 22% in 24 hours, with a market cap of $42m.
Of course, there's no knowing whether this rise will continue, or whether a BONE correction will soon come and see the price dip. As of 1:13 PM BST on June 9, BONE is down 1.7% in the last hour. BONE does still remain down from its previous position, having sat at around the $1-$2 mark until early 2022.
Why Is BONE Rising?
While there is no sole reason for this price increase, several key events could explain why BONE is trending upwards.
The first, and most discussed reason, is BONE’s role in Shiba Inu’s layer-2, Shibarium. BONE will be the gas token used to power Shibarium, perhaps the most anticipated project on the Shiba Inu roadmap. As such, it could be possible that holders are buying BONE in the expectation or hope that it could go up in value for when Shibarium releases.
Hope of a Shibarium launch at the Unification mainnet update, however, proved unfounded. The mainnet release on June 8 did not produce any new Shiba Inu information. Documentation about Shibarium is still expected to come this month.
The expected shift of the Shiba Inu Doggy DAO into its next phase, with a SHIB Yield Farming Vote, may also be a factor. BONE is the governance token of the Doggy DAO, meaning that BONE holders will decide on future proposals for the SHIB ecosystem.