ShibaSwap’s BONE Token: What’s Making Its Price Go Up?
Key Takeaways
The price of $BONE has increased by almost 10% in the last week.
This surge took place despite a bearish crypto market.
Two main reasons for the price increase are the upcoming ShibaSwap 2.0 and the growing popularity of Shiba Inu.
LUCKNOW (CoinChapter.com) — ShibaSwap’s native token, BONE, has experienced a price surge of nearly 10% within the past week despite an overall bearish crypto market. Additionally, the trading volume for $BONE has surged by over 30% within the last 24 hours, as reported by CoinMarketCap.
Notably, $BONE has rebounded by more than 300% from its 2022 all-time low, although it remains 96% below its peak of $41.67 in 2021. As of this writing, the token is trading at $1.29.
Exploring the Factors Behind the Token’s Surge
The primary question revolves around the forces propelling the token’s surge in the crypto landscape. Several factors could contribute to this trend:
ShibaSwap 2.0 and Liquidity Mining
A significant driver is the imminent launch of ShibaSwap 2.0, announced in April 2023. This upgraded version will introduce a “liquidity mining” feature, incentivizing users to lock up their $BONE tokens on the platform. This platform enables token swapping, Non-Fungible Tokens (NFTs) trading, and winning rewards. The promise of rewards stimulates interest in $BONE, increasing its price.
Growing Popularity of Shiba Inu Meme Coin
The growing popularity of the Shiba Inu meme coin, which underpins ShibaSwap and $BONE, is drawing attention. As more individuals are attracted to Shiba Inu, interest in $BONE naturally follows suit, given its association with the headline-making meme coin.
Shibarium Launch
Another noteworthy development is the eagerly awaited Shibarium blockchain, designed to enhance transaction speed and cost efficiency within the Shiba Inu ecosystem. The anticipation surrounding this launch is likely contributing to $BONE’s recent upward momentum.
While these factors are likely bolstering $BONE’s value, it’s essential to acknowledge the high volatility of the crypto market. The token’s price could experience significant fluctuations in either direction. For potential investors, it’s crucial to comprehend the associated risks and conduct thorough research.
It’s not easy to pinpoint exactly why $BONE is going up.
Nevertheless, the forthcoming features of ShibaSwap 2.0, the surge in Shiba Inu’s popularity, and the buzz around Shibarium collectively provide credible explanations. The future trajectory of $BONE’s price remains uncertain, but these factors certainly offer intriguing insights for the time being.
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Filed under: Bitcoin - @ August 28, 2023 8:15 pm