With the fast-approaching public beta launch of the long-awaited Layer 2 blockchain Shibarium by the team that has founded the Shiba Inu (SHIB) ecosystem, the Bone ShibaSwap (BONE) token has experienced a massive spike due to its announced utility in the upcoming network.
Indeed, BONE has soared more than 20% over the previous 24 hours, in turn climbing into the top 100 cryptocurrencies by market capitalization, coinciding with the recent announcement of the Shibarium network team indicating that the public beta would launch sometime this week or “over the next few days,” according to its Twitter post published on March 7.
As the network’s team confirmed earlier, Shibarium will use BONE as a governance token of the Shibaswap decentralized finance (DeFi) platform and exchange to allow the members of the community to vote on upcoming proposals, depending on the amount of BONE held. Shibarium will also involve the use of SHIB and Doge Killer (LEASH).
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BONE price analysis
At press time, Bone ShibaSwap was seen trading at the price of $1.79, which represents a 20.64% gain over the past 24 hours and an increase of 7.06% across the previous week, as the BONE is erasing the losses of 0.86% accrued over the month, as charts demonstrate.
Unsurprisingly, the Shibarium beta announcement has also given a slight upward push to the Shiba Inu coin, which was seen gaining 2.43% over the previous day, as the dog meme token begins to recover from its weekly and monthly losses of 7% and 22%, respectively, as well as adding $140 million to its market cap in the last 24 hours.
Whether BONE succeeds in sustaining its momentum against a bearish sentiment at a time when the majority of other cryptocurrencies are declining remains to be seen and will largely depend on the key developments surrounding the ecosystem and its further growth.
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