A SHIB ecosystem coin has set an intraday high of $1.5, up 20% today. In the rally, Shibarium’s public beta launch and a new announcement were instrumental.
SHIB coin increased by 87% due to new updates
BONE, one of Shiba Inu’s ecosystem cryptos, touched $ 1.5 today. The launch of Shibarium’s public beta testnet was instrumental in the rally. The price of BONE continues to rise as the launch date approaches and investors put buying pressure on the token. If nothing changes, the testnet launch will happen later this month.
Earlier in the week, BONE peaked at $1.77 and is up 87 percent over the past 30 days. As a result, those who invested in BONE in the past month have nearly doubled their portfolios. The price of BONE has been rising since July 2022. It rose from $0.48 to $1.10 in less than a month.
The latest Coinecko chart shows that the price of BONE is still rising on Thursday afternoon. If it can sustain this momentum, it will likely trade at $2 before the end of next week. The price of BONE has doubled in the last three months, providing investors with huge returns on investment.
BONE’s price hike and Shibarium launch
BONE will be the management token of the Shibarium layer-2 network. Documentation of the layer-2 network will be out next week, according to Unification xFund, the company that created the network. The firm announced that the BONE token serves as a gas fee on the Shibarium network. Thus, making it an excellent use case in the Shiba Inu community.
However, the exact date for the launch of the Shibarium network is not yet clear. The SHIB team has only announced that the launch will be this month. It’s no surprise that investors are buying more BONE tokens, hoping to get an early entry position before the Shibarium launch date. Investors believe that the price of BONE may continue to rise as the token will become a use case on the Shibarium network.
Therefore, an increase in price means better returns for these investors. According to current news, BONE will continue to suffer more buying pressure until the SHIB team announces the launch date of its tier 2 network.
What has BONE done in the last weeks?
BONE is currently trading at $1.5, up 10.9 percent in the last 24 hours, according to the latest data. However, it is still 91.3 percent lower than its peak price of $15.50 set in July 2021. Earlier in the month, the SHIB team announced a cap of 230 million for BONE. Thus, BONE prevented further printing of the token. While the maximum supply of BONE is still 250 million, the remaining 20 million are for gas and Shibarium validators. The news of the exchange listings was one of the reasons why BONE saw a significant increase in price last month, and it was one of the top crypto earners that month.
