Shiba Inu's BONE Shows Double-Digit Gain Amid Dipping Crypto Market

Shiba Inu's governance token BONE showed off over the past seven days, recording a 25% surge in value amid the turbulent crypto market that is still reeling from the collapse of the crypto derivatives exchange FTX.

Major crypto assets like Bitcoin and Ethereum have been showing gains over the past few days but these were meager price jumps in single-digit. Shiba Inu's BONE, however, skyrocketed over the past seven days by 25%, surpassing the gains of top crypto assets, including Shiba Inu, the native token of the ecosystem of the same name.

The Shiba Inu community, more popularly known as the Shib Army, is glad of the wild price swings of the ecosystem's governance token, which for many, is a confirmation of the token's performance when the industry enters the bull market.

BONE traded at $0.9586 Wednesday, showing a double-digit spike of 25% in value from its price of $0.7695 on Dec. 1. This kind of surge in value is anticipated to happen to Shiba Inu tokens when the developers finally announce the launch of the documentation of the layer-2 solution Shibarium, which is not yet happening.

Many speculate that the surprising spike in value could be due to multiple listings of the token in various centralized cryptocurrency exchange platforms over the past few days. BONE was listed in the New York-based CEX Uphold on Nov. 30, making it widely available to users using the particular platform.

Additionally, StealthEX, the Cayman Islands-based CEX, also listed BONE last month. With several CEX listings happening, the community could not help but speculate that Binance, the world's largest CEX platform by trading volume, could be the next to list the Shiba Inu governance token.

Aside from that, the Shib Army anticipates that the Shibarium announcement is approaching, triggering users to accumulate more BONE tokens to profit from the eventual spike in its price when the layer-2 initiative officially launches.

The Shiba Inu development team launched BONE on its decentralized exchange platform (DEX) ShibaSwap in July 2020. It reached its all-time high price of $12.34 over a year ago.

It is worth noting that while BONE is trading in the green zone and has shown double-digit gains, its current price is still 1,362% below its all-time high price.

As of 2:08 a.m. ET Thursday, BONE was trading down 4.05% at $0.8404 with a 24-hour volume of $5,950,015, according to the latest data from CoinMarketCap.