Bone ShibaSwap Trending: Know Why It’s Up by +50%
By Nilesh Hembade 08-July-2023 22:30 PM IST
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Introduction:
The governance token of Shiba Inu, Bone ShibaSwap (BONE), experienced a remarkable surge on July 7. This surge was fueled by the anticipation surrounding Shibarium’s imminent release, as hinted by Shiba Inu’s lead developer, Shytoshi Kusama. As the cryptocurrency community eagerly awaits the Blockchain Futurist Conference in Toronto this August, BONE made a significant move, with its value soaring from a low of $1.06 to a high of $1.31 on July 7.
The bullish momentum continued, with BONE reaching $1.47 On Saturday. As of now, BONE is up +17.80% in the last 24 hours, trading at $1.47. Moreover, the Shibarium token has witnessed an impressive +50% increase over the past seven days, propelling Bone back into the top 100 cryptocurrencies with a market capitalization of $332 million.
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Rise of BONE and Shibarium Token
Since June 10, the Shibarium token has been on a steady rise, climbing from a low of $0.665. However, it was the recent breakthrough that garnered significant attention within the crypto community.
BONE managed to surpass the key MA 200 barrier at $1.13, which had previously hindered its price advance since mid-March. This breakthrough not only propelled BONE to near four-month highs but also fueled the optimism surrounding Shibarium’s imminent release.
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Shytoshi Kusama's Hint and Market Response
Shytoshi Kusama, the lead developer of Shiba Inu, sent ripples across the crypto sphere with a tantalizing hint about Shibarium’s upcoming release. The anticipation surrounding this event became a catalyst for BONE’s surge.
Investors and enthusiasts responded enthusiastically, driving the token’s value to unprecedented levels. The market reacted promptly, and BONE experienced a massive green candlestick, symbolizing the bullish sentiment that propelled it from $1.06 to $1.47 on July 7.
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Current Status and Future Outlook
As of the time of reporting, Bone ShibaSwap’s governance token, BONE, continues to show strength in the market. With a trading value of $1.46, it marks a +17.80% increase over the last 24 hours. Furthermore, the Shibarium token has demonstrated a remarkable +50% rise in just seven days, reflecting the growing confidence among investors.
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FAQ
Cryptocurrency is a digital or virtual form of currency that uses cryptography for security and operates independently of a central bank. It is designed to be secure, transparent, and decentralized. Unlike traditional fiat currencies (such as the US dollar or the Euro), which are issued and regulated by a central authority, cryptocurrencies rely on cryptographic techniques to secure transactions and control the creation of new units.
Memecoins are a type of cryptocurrency that gain popularity based on internet memes, humor, or cultural references. These coins often leverage the power of social media and online communities to build a following and generate hype. Memecoins are typically created as a form of satire or as a joke, mocking the seriousness of traditional cryptocurrencies like Bitcoin or Ethereum..
Shiba Inu is a cryptocurrency project that gained popularity in 2021. It takes its name from the Shiba Inu breed of dog, which is also the same dog that inspired the Dogecoin meme. Shiba Inu was created as an experiment in decentralized community building and aims to become a decentralized ecosystem with various features and utilities..
Shibarium is a layer-2 blockchain network that is being built on top of the Ethereum blockchain. It is designed to address the scalability and gas fee issues that have plagued the Ethereum network. Shibarium will use a proof-of-stake consensus mechanism, which is more energy-efficient than the proof-of-work mechanism used by Ethereum. This will make Shibarium more scalable and environmentally friendly.
Shibarium will also use a new token called BONE, which will be used to pay for gas fees on the network. BONE is currently the governance token for ShibaSwap, a decentralized exchange (DEX) built on the Ethereum blockchain. However, after Shibarium is launched, BONE will also be used as the gas token for the network.
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Conclusion
The recent surge in Bone ShibaSwap’s governance token, BONE, has generated considerable excitement within the cryptocurrency community. This surge can be attributed to the anticipation surrounding the upcoming release of Shibarium, as hinted by Shiba Inu’s lead developer.
As BONE continues its upward trajectory, reaching four-month highs and reclaiming its position among the top 100 cryptocurrencies, all eyes remain fixed on the Blockchain Futurist Conference in Toronto, eagerly awaiting further news and developments surrounding Shibarium.
Disclaimer:
Consult your financial advisor before making any decisions because Investing in digital assets is extremely risky. Digital asset prices are subject to high market risk and price volatility. No information on this website is intended to be a solicitation or an offer.
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