Bone ShibaSwap (ETH: $BONE) is the utility token of Shibarium, the layer 2 network on which the Shiba Inu (SHIB) token runs. The Shiba Inu community moved to Shibarium on August 16, 2023, to solve scalability issues on the Ethereum blockchain.
A Deep Dive Into BONE
The BONE token was launched in July 2021 as the utility token of the ShibaSwap Decentralized Exchange. The token serves as the governance token of the DEX, allowing holders to create and vote on proposals. Holders can also stake their BONE for rewards.
BONE launched with a maximum supply of 250 million BONE tokens, with total supply of minted tokens capped at 230 million BONE by the community. The remaining 20 million BONE is used to secure the Shibarium network, and as rewards for validators. 10% of all minted tokens are allocated to the developer and marketing funds.
What Is Shibarium
Shibarium is a later 2 Ethereum network that is backed by Shiba Inu (SHIB) tokens. The final goal is to create a proprietary blockchain for SHIB. It aims to reduce reliance on the Ethereum network and improve scalability while still leveraging its security.
The network supports various coins besides BONE. These are LEASH, TREAT, and Shiba Inu. In the future, there is a plan to release the SHI stablecoin on Shibarium.
BONE Market Performance
BONE token has had a mixed performance since its launch. However, in recent months, it has experienced an upward momentum. Since its all-time high of $41.67 on September 13, 2021, BONE has lost 98.37% of its value.
As of Thursday, December 12, 2024, it has a price of $0.6822, a 10.8% increase in the past 24 hours. Over the past month, the token has gained 26.5%, which is in line with the general upward trend of the market. Since its all-time low of $0.2899, the token is up 134.91%. Its market cap currently stands at $170.57 million, and it has a 24-hour trading volume of $12.58 million.
The BONE token is listed on centralized exchanges such as OKX, BitGet, HTX, and MEXC. Despite its huge market cap and respectable trading volume, the token has yet to earn a listing on top exchanges like Binance.
Commenting on the issue, the ShibaSwap marketing lead, Lucie, stated on X that it was because they had never paid for a listing. However, if the developer team were to cave into the community and pay for a listing, the price of BONE and other Shibarium ecosystem tokens could skyrocket.
Social Media Following
BONE has garnered a sizable online following, with 45.5K followers on X, 80,912 members on Telegram, and 141,964 members on Discord.
How High Could The Shib Army Push The Price Of Bone?
Despite the lack of a major exchange listing, the Sahib Army, which is what the Shibarium community is called, has pushed the price of $BONE to extraordinary heights. The market cap of over $170 million has been achieved without the support of a major exchange.
The Shib Army remains active on social media, and their collective voice could help earn BONE a listing on major exchanges in the future. Consequently, there is still room for growth for the token. Adding $BONE to your portfolio now could potentially be profitable by riding the wave of support from the Shib Army.
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