As far as the latest Shiba Inu News is concerned, the Shiba Inu governance token BONE has soared in value. It currently sits at $2.11, up 89% in the last 24 hours.
The Shiba Inu community is basking in the new products that the Shib team has been working tirelessly on for months.
From the upcoming Shibarium launch to the central Shiba Inu Metaverse, the BONE token has been swaying back and forth. However, it has now crossed the highly anticipated threshold of $2. But what are the major factors behind the sudden BONE price jump?
BONE is up 89% in the past 24 hours
Shiba Inu's BONE is breaching new milestones as the token has soared 80% in the past 24 hours, and it is now up almost 200% in one week.
It is now the 195th largest cryptocurrency, with a market cap of $156 million. On August 17th, it was at rank 453.
One potential factor behind the sudden price rally of BONE seems to be attributed to the fact that the token was recently listed by Dubai and Saint Vincent-based BlueBit.io.
Crypto exchange MEXC, in collaboration with SHIB, announced its support for BONE by announcing a prize pool event comprising 5,555 BONE tokens. Users who will sign up for the exchange's "signup, trade, and deposit event," will be able to access the prize pool perks as promised by the exchange.
However, such listings likely are not the only factors in this huge BONE pump.
This isn't the first time when BONE has soared past its usual metrics to sit at a higher price threshold. The Shibaswap token is known to have breached its earlier price valuations when it was listed on leading crypto exchange Gate.io on August 17, once again hitting $1.
At the time of writing, the token sits at $2.11, up 89%, with a trading volume of $63,780,842.
BONE is set to play a vital role as the gas token in Shibarium, and the reward for Shibarium validators. It is also used in the Doggy DAO.