KEY POINTS

  • BTCEX listed $BONE on its platform
  • Bone Coin is the governance token of the Shiba Inu decentralized exchange ShibaSwap
  • $BONE was trading up 2.35% at $0.5304

The Bone Coin ($BONE), the governance token of Shiba Inu's decentralized exchange (DEX) ShibaSwap, is witnessing a massive surge in its price as speculations related to Shibarium and positive news about the token have been making rounds online over the past days.

The latest data from cryptocurrency aggregator CoinMarketCap revealed that $BONE saw a massive spike of 58% in its price over the past seven days. The governance token of ShibaSwap was trading at $0.5692 Thursday, marking a huge spike from its $0.3602 price on the same day last week.

While the exact reason for the price surge is unknown, industry watchers have attributed this to talks about Shibarium's launch. While it is true that Shibarium is one of the highly anticipated Shiba Inu projects this year, $BONE is the gas token that will power the Layer-2 solution.

ShibaDEX
ShibaDEX – the first cross-chain DEX for the Shiba Inu community powered by AtomicDEX, launched today, enhancing interoperability and security to Shiba’s community of over three million members. "ShibaDEX — First Cross-Chain DEX for the Shiba Inu Community" Post From Komodo Official Website

It is possible that investors are currently buying $BONE in anticipation that its price would surge when Shibarium launches. Another reason for the sudden surge in $BONE demand could be due to the possible shift of the Shiba Inu Doggy DAO to its next stage. The crypto asset is the governance token of the Doggy DAO, which means $BONE holders have a say in the future of the Shiba Inu ecosystem.

Cryptocurrency trading platforms are also beginning to take interest in $BONE. BTCEX is a Canada-based digital asset derivatives trading platform that provides spot and derivative trading services. It claims to be the first derivatives exchange in the world to offer USDT-settled options.

The company announced on Twitter that it listed the ShibaSwap governance token Wednesday and now allows deposits and trading for the BONE/USDT pair. "BTCEX will list $BONE (Bone ShibaSwap) spot trading @Shibtoken. Trading Pair: BONE/USDT Deposit: 8/6/2022, 7:00 AM (UTC) Trading: 8/6/2022, 9:00 AM (UTC)," the tweet read.

The Shiba Inu ecosystem has three tokens so far: Shiba Inu (SHIB), Doge Killer (LEASH) and Bone ShibaSwap (BONE). According to the latest data from CoinMarketSwap, $BONE was trading up 2.35% at $0.5304 with a 24-hour volume of $3,546,266 as of 2:25 a.m. ET on Friday.

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