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The BONE token grew 23% over the last 24 hours to $1.75 at press time, leading the top 100 off the back of this performance.
The chart below shows a price performance in line with Bitcoin – a solid start to 2023 and a reversal of momentum at the beginning of February, followed by a strong bounce leading into a decline from March.
However, while the market leader has stalled out since March 4, trading in a tight range between $21,800 and $22,650, BONE recorded a sharp uptick which began at 21:00 (GMT) on March 7.
The uptrend peaked at $1.8803 by 11:30 on March 8, equating to a 36% trough-to-peak gain. However, the Relative Strength Index (RSI) recorded a sharp downtick in momentum.
Amid a flat market, where buyer weakness summarises current sentiment, it remains to be seen if BONE can build on its recent gains for a push higher.
Year-to-date (YTD) gains, accounting for the current price, come in at 103%. For comparison, Bitcoin’s YTD gains currently run at 34%.
Source: BONEUSDT on TradingView.com
BONE X Shibarium
Fueling BONE’s price spike was the announcement that Shibarium is set for its public beta rollout “this week.” The tweet said SHIBs should keep an eye on socials to learn more about joining the beta test as and when details are released.
“We’re thrilled to announce that #SHIBARIUM Public Beta will be launching THIS WEEK!”
In a blog post date Jan. 15, Shiba Inu stated that Shibarium would utilize all ecosystem tokens, those being SHIB, LEASH, and BONE. However, BONE will be used as the native gas token to reward validators and delegators.
This represents a divergence (or adaption) from BONE’s original use case – as a governance token.
What is Shibarium?
Shibarium is a layer 2 blockchain running on top of Ethereum, providing scaling, speed, lower fees, and development capacity. Recent posts envision development to include metaverse, Web3, and gaming.
It forms a part of the Shiba Inu founder’s vision for the ecosystem, which consists of numerous tokens, the Shi stablecoin, a DEX, and Shibarium itself.
Ryoshi disappeared in May 2022, deleting all previous posts across all platforms. Project Lead Shytoshi Kusama took over, saying he intended to fulfill Ryoshi’s Vision.
Posted In: Layer2, Technology
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