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ShibaSwap's $BONE Token: What’s Behind The Pump?

by BSC News

August 28, 2023

chain

Exploring the possible reasons why ShibaSwap’s $BONE token has experienced a seemingly bullish trend.

Summary

  • ShibaSwap's native token, $BONE, has seen a nearly 10% price increase in the past week, despite a bearish crypto market. 
  • Key factors driving the price include the anticipated ShibaSwap 2.0 with a liquidity mining feature, and the rising popularity of its parent meme coin, Shiba Inu.
  • Future developments like the launch of the Shibarium blockchain add to the excitement, although the asset remains highly volatile.

Introduction to ShibaSwap and $BONE

ShibaSwap is a Decentralized Exchange (DEX) backed by the Shiba Inu memecoin, operating on the Ethereum blockchain. With ShibaSwap, you can swap tokens, trade unique digital assets known as Non-Fungible Tokens (NFTs), and even earn rewards. 

One of the core parts of ShibaSwap is its native token called $BONE. This token helps run the platform and determines how rewards are given out. With $BONE, users can provide liquidity and stake on ShibaSwap to earn rewards and trade Shiboshis (Shiba Inu NFTs). 

Surprising Price Movements in a Bear Market

Remarkably, in the last week, $BONE's price has jumped almost 10% even though the overall crypto market is down. Moreover, trading volume for $BONE has spiked by over 30% in just the last 24 hours, according to CoinMarketCap. 

It is also worth noting that $BONE is up by over 300% from its All Time Low (ATH) in 2022 and down by 96% from its All Time High of $41.67 in 2021. As of publication, the token is currently trading at $1.34. 

BONE 7 days Price data | Source: CoinMarketCap. 

The big question is the factors affecting the token’s surge in the crypto space. Let's dive into some possible reasons: 

ShibaSwap 2.0 and Liquidity Mining

First up is the upcoming launch of ShibaSwap 2.0, which was announced in April 2023. Shytoshi Kusama, the lead developer behind the Shiba Inu project, revealed that this new version will include a new "liquidity mining" feature. 

This will reward users who lock up their $BONE tokens in the platform. The promise of rewards seems to have stoked interest in $BONE, pushing its price upward.

Rise of Shiba Inu Meme Coin

Shiba Inu, the meme coin that gave birth to ShibaSwap and $BONE, has been gaining popularity. As more people get drawn to Shiba Inu, interest in $BONE has naturally followed, seen as a kind of sibling token to the headline-grabbing meme coin.

Shiba Inu social metrics in the last 30 days | Source: Lunarcrush. 

Anticipation of Shibarium

Another exciting development is the highly anticipated Shibarium blockchain that aims to make transactions faster and cheaper within the Shiba Inu ecosystem. The buzz around this has likely contributed to $BONE's recent gains.

While these factors could continue to prop up $BONE's price, it's crucial to remember that the crypto market is highly volatile. $BONE's price could swing wildly in either direction. If you're thinking about investing, make sure you understand the risks and Do Your Own Research (DYOR). 

Final Thoughts

It's tough to pinpoint precisely why $BONE is experiencing this uptick. Yet, the upcoming features of ShibaSwap 2.0, the rise in Shiba Inu's popularity, and the anticipation surrounding Shibarium all serve as plausible explanations. Only time will tell where $BONE's price will land, but for now, these factors offer some interesting insights.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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