'Sleeping Giant' BONE Chart Looks Promising As Shibarium's Official Launch Approaches

Shibarium, the highly anticipated layer-2 scalability solution for the Shiba Inu ecosystem, is anticipated to launch in August. While there is no official announcement confirming this, a seasoned trader and analyst noted that the chart of BONE, the gas fee token of the L2 solution, is looking good.

The weekly chart of the Shiba Inu governance token is "holding good on $1.19 support," said the analyst with the Twitter handle Shib Knight. The user has been a trader and investor for more than six years.

The chart analyst also identified another support level, which, according to them, is at $0.98, and noted that this is the price at which whales will make their purchase. But the analyst clarified that "it is not certain if it will dip here or not, but many whales are positioned there."

"The expected launch of Shibarium will affect Bone price heavily," Shib Knight told the International Business Times when asked what impacts the price of the governance token.

"Because Bone will be the gas token for the shibarium network. People will have to use Bone to exchange their tokens, so they have to buy bone from the crypto market for that," the chart analyst added.

"Binance may list Bone with the release of Shibarium," Shib Knight shared with IBT when asked why exchanges like Binance have not yet listed Bone on their platforms.

The Shib Army believes that Binance will soon list BONE, since the exchange usually lists utility tokens.

BONE, along with the Doge Killer LEASH, surged Wednesday and saw a 5.9% and 5.7% price gain, respectively.

While the reason for this sudden surge is uncertain, many linked it to the important announcement Shiba Ecosystem and Shibarium Tech marketing specialist @LucieSHIB shared at the time, which encouraged all LEASH holders to link their wallets using CollabLand to get a staked role.

"Important Announcement for $Leash Holders! Calling all leash holders! 🗝️ Join Shibarium tech discord - Connect your wallet using CollabLand to obtain the crucial Leash basic or Leash basic (staked) role. It's a must-have for upcoming activities. Remember, you need at least 1 leash to qualify. Thank you for your cooperation," the announcement read.

Earlier this week, data from cryptocurrency aggregator Coingecko revealed that BONE is one of the most popular crypto assets in the Netherlands, trailing behind FUSE in terms of popularity.

BONE saw an impressive gain of 4.1% at $1.28, with a 24-hour trading volume soaring into a double-digit gain of 17.11% at $9,264,345.

SHIB, the native token of the Shiba Inu ecosystem, saw a 0.56% gain and was trading in the green zone at $0.000007768, with a 24-hour trading volume up by 15.00% at $102,135,301 as of 6:10 a.m. ET on Friday, according to the latest data from CoinMarketCap.