Shiba Inu BONE Spikes 13% Despite No Shibarium Launch: Why?
Why is BONE, the governance token of Shiba Inu and the planned gas fee token of the layer-2 scalability solution Shibarium, surging? Despite the absence of a concrete Shibarium launch date, BONE was up 13% at $1.34, outperforming SHIB significantly.
The recent growth of BONE could be attributed to several factors. It's managed to be bullish despite the recent market sell-off, a testament to its underlying strength. This spike holds major significance as BONE has navigated the generally bearish crypto market remarkably well.
Shytoshi Kusama explores this transformative potential in his newest blog post, revealing the expanded utility of BONE, Shiba Inu’s L2 gas fee token, directly challenging previous assumptions and fostering optimism. The Shiba Inu developers even revealed the first look of Layer 2 Blockchain Shibarium in a blog post, offering a glimpse into the future functionality where Shibarium's validators will lock up BONE to run the Heimdall validator. This future utility is likely fueling speculative investment.
While Despite the much-anticipated launch of Shibarium, Shiba Inu and BONE’s market performance is dwindling, raising concerns of a potential dump if the trend persists, the current data paints a different picture for BONE. According to on-chain metrics, Shiba Inu’s Bone ShibaSwap (BONE) reclaimed the northbound key support line of $1, but not without hiccups. The 9.4% daily uptrend suggests strong buying pressure and renewed confidence.
Stay updated on the latest Shiba Inu and BONE news as we track the development and potential launch of Shibarium. Is BONE a good investment? The market will ultimately decide, but the current momentum is undeniable.