KEY POINTS

  • BONE hit breakout levels
  • The governance token will be used for the gas fee in Shibarium
  • BONE was trading down 7.01% at $1.82

BONE, the governance token of the Shiba Inu ecosystem, is showing off an impressive feat over the past days that it set a new milestone ahead of the official launch of Shibarium, including breaking its 230 million cap, witnessing a spike in Google Searches, and a 255% and 20% surge in trading volume and price, respectively.

The official Twitter handle of Shiba Inu's decentralized exchange ShibaSwap announced over the weekend that BONE minting was officially halted because the current supply exceeded the 230 million market cap.

"The remaining approximately 20 million is designated for Shibarium validators. The maximum supply of BONE is 250 million, and will always remain that way, for the token," the tweet read.

Shiba
SHIB is the main currency in the ecosystem Shiba Token - Twitter

The account also mentioned that "a transaction to halt the minting will be created approximately at 7:30 PM UTC." It added that "furthermore, a 6-hour window for Multi-Sig approval and a 24-hour time lock will follow. There is no way to time this precisely so a small amount of over-minting is expected."

The impressive feat of the Shiba Inu governance token BONE was mainly due to the increased interest from investors, which was reported by Google Trend data. It turned out the demand for BONE skyrocketed to the point that the keyword, "How to buy BONE token," hit breakout levels.

The surge in the interest toward the Shiba Inu governance token propelled cryptocurrency exchange platforms to list BONE, allowing more investors all over the world to buy it. Earlier this week, BONE saw a 20% price spike and a jump of 255% in trading volumes.

The BONE token was launched when the ShibaSwap went live in July 2021. At the time it traded at $0.99. However, following the announcement that the governance token will be used as the gas fee for the upcoming layer-2 solution Shibarium, interest in BONE surged.

Investors are currently buying loads of BONE in anticipation of the Shibarium launch and to take advantage while its price is still low. As of 11:30 p.m. ET Tuesday, BONE was trading down 7.01% at $1.82 with a 24-hour volume of $18,916,586, according to the latest data from CoinMarketCap.

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