BONE, a key player in the Shiba Inu ecosystem, has been making waves. The digital asset has been steadily climbing the ranks, securing a spot in the top 100. As of the time of writing, BONE is ranked 91st with a market capitalization of $373million.
BONE’s rise to prominence has been nothing short of impressive. BONE has surged by 6.5% in the last 24 hours, 30.8% in the last seven days and 55.6% in the last 30 days. This impressive performance has made BONE the third-largest daily gainer in the crypto market according to CoinMarketCap.
The upcoming launch of Shibarium, a layer 2 solution for the Shiba Inu ecosystem, has added to the growing interest in BONE. The digital asset is expected to play a pivotal role in the new system, serving as a “passport” for users. BONE will have three main functions within Shibarium.
Firstly, it will be the token that delegators “bury” to earn a portion of the rewards. Secondly, it will act as the “gas” token for Shibarium, facilitating transactions within the system. Lastly, BONE will foster technology “governance” within the new system, giving holders a say in the future development of the platform.
In the coming days, the Shiba Inu team plans to mint the remaining supply of BONE and renounce the contract, effectively putting a cap on the total supply of the digital asset. This move is expected to further enhance the value of BONE, as no further minting will be possible.
On the trading front, BONE has been showing strong resistance at $1.74. If this resistance is broken, the digital asset could potentially reach new highs of $1.92 and $2.21. On the flip side, support levels have been identified at $1.43, $1.34, $1.21, and $0.95, with $1.34 being a key buy zone.
Interestingly, the majority of BONE investors are currently in profit. On-chain data reveals that approximately 88% of addresses, or roughly 71,130, are in profit, while the remaining 12% are at a break-even point. This indicates that almost all BONE investors purchased the digital asset at a price lower than its current trading value.
In conclusion, BONE’s recent performance and its pivotal role in the upcoming Shibarium platform make it a digital asset to watch. As the Shiba Inu ecosystem continues to evolve, BONE is poised to play a significant role in its growth and development. However, Shiba Inu hasn’t exhibited a similar surge in value as opposed to BONE.
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