Shibarium, the Layer 2 scaling solution by the Shiba Inu team, has seen a surge in interest for its native token, BONE, which also serves as the governance token of the ecosystem. BONE has experienced a 145% increase in new addresses in the past week, according to data from IntoTheBlock.
BONE is a crucial component of Shibarium, as it allows users to pay for gas fees on the network, as well as to vote on proposals via the Doggy DAO. It has a total supply of 250 million tokens and is designed to fit between SHIB and LEASH in terms of circulation supply.
BONE’s Numbers Have Remained Stable
BONE’s price has also been on an upward trend, reaching highs of $1.33 on July 10th, according to CoinGecko. BONE has seen a 29% rise in its value in the last week, despite the downward trend in its price. The network activity for BONE has also shown a significant increase over the same period. New and active addresses for BONE have grown by 145% and 124% respectively, as per IntoTheBlock’s data.
One of the main drivers of BONE’s popularity is the anticipation for the launch of Shibarium’s mainnet, which is expected to happen sometime in 2023, according to Shiba Inu lead Shytoshi Kusama. Shibarium aims to reduce Shiba Inu’s reliance on Ethereum and its high gas fees, by providing a fast and low-cost Layer 2 solution.
Shibarium will also enable new features and innovations for the Shiba Inu community, such as NFTs, portfolio trackers, etc. Shibarium’s testnet, known as Puppynet, has already shown impressive activity and demand from users.
BONE is currently available on decentralized exchanges such as Shibaswap, where it can be traded against WETH, SHIB, LEASH, and other tokens. BONE can also be obtained by providing liquidity, staking on Shibaswap, or participating in Shibarium’s Puppynet.
It is one of the most promising tokens in the Shiba Inu ecosystem, as it offers both utility and governance benefits for users. With Shibarium’s mainnet launch approaching, BONE could see further growth and adoption in the near future.
