{"id":365406,"date":"2022-12-19T09:31:41","date_gmt":"2022-12-19T14:31:41","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=365406"},"modified":"2022-12-19T09:31:41","modified_gmt":"2022-12-19T14:31:41","slug":"bone-shibaswap-price-rises-37-over-the-weekend-where-next-bone","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bone-shibaswap-price-rises-37-over-the-weekend-where-next-bone","title":{"rendered":"Bone ShibaSwap Price Rises 37% Over The Weekend, Where Next BONE?"},"content":{"rendered":"

Shiba Inu (SHIB) has stood out among the most popular crypto launched following the Dogecoin (DOGE) price rally in 2021. What started as just another play on the dog-themed meme coin has now developed as a community-driven project with a notably developing ecosystem.<\/span><\/p>\n

The bone ShibaSwap (BONE) token is one among many projects developed by the team and launched as they debuted the ShibaSwap decentralized exchange (DEX), Shiboshi NFTs, and the scheduled Shibarium layer-2 blockchain.<\/span><\/p>\n

In August 2022, the BONE price recorded a successful price streak after a myriad of exchanges listed the Shiba Inu governance token. However, Bone ShibaSwap has since experienced a price correction, an action that, to some extent, hinges on the recent crypto crash due to the FTX collapse.<\/span><\/p>\n

Between late November and early December, BONE price<\/a> recently recounted the steps using the critical support at $7.0 to keep bears in control. As of December 19, the BONE price is $0.917, up by 2% in the last 24 hours. It has a market cap of $810.076 billion alongside a 24-hour trading volume of $23.429 billion. These place it at #132 on<\/span> CoinMarketCap<\/span><\/a>.<\/span><\/p>\n

Bone ShibaSwap Price Drivers And Its Place In the Shiba Ecosystem<\/b><\/h2>\n

ShibaSwap decentralized exchange (DEX), the handiwork of Shiba Inu developers, was launched in July 2021 as a platform where the ShibArmy (users) can trade their SHIB tokens in exchange for other crypto forms. ShibaSwap was designed as a fork from the SushiSwap and ShibaSwap, which run on the Ethereum (ETH) blockchain, with its tokens being ERC-20 standard.<\/span><\/p>\n

As the governance token for ShibaSwap, BONE allows users to vote on proposals for the project’s future development. Among the privileges within their voting mandate include which pairs will be added to ShibaSwap through the Doggy decentralized autonomous organization (DAO). Notably, the amount of influence one has on the outcome is directly proportional to the number of BONE tokens held.<\/span><\/p>\n

Based on CoinMarketCap <\/span>data<\/span><\/a>, out of a total supply of 229.9 million, only up to 156 million BONE tokens are in circulation. With a maximum supply of 250 million tokens, Bone ShibaSwap tokens are minted to be paid to liquidity providers for exchange pairs on ShibaSwap.<\/span><\/p>\n

The 250 million tokens were intended to fit between the massive 500 trillion supply of SHIB tokens and the much smaller supply of Doge killer, LEASH tokens, which was launched as a rebase token and is similar to an algorithmic stablecoin. An algorithmic token uses a computer program to increase or decrease supply automatically as a means to keep its price pegged to another asset. LEASH tokens have already been “unleashed” and are thereby not pegged to Dogecoin anymore.<\/span><\/p>\n

BONE, SHIB, and LEASH tokens operate the ShibaSwap ecosystem, where users can DIG (provide liquidity), FETCH (migrate liquidity, or BURY (stake) their tokens to earn BONE. An excerpt from the<\/span> Shiba ecosystem whitepaper<\/span><\/a> reads:<\/span><\/p>\n

“While the staked tokens receive a fixed percentage of BONE, the SSLP pools are distributed as BPB (BONE per block) based on the allocation points to each individual pool.”<\/span><\/i><\/p><\/blockquote>\n

ShibaSwap documentation<\/span><\/a> has also revealed that “Our platform also allows the ShibArmy to access upcoming NFTs and additional tools, such as portfolio trackers, to make navigating the crypto world simple and intuitive.”<\/span><\/p>\n

BONE Price Rallies On Shiba Inu Network Update<\/b><\/h2>\n

As Bone ShibaSwap is a DEX running on the Shiba Inu network, news and updates on the ecosystem’s official website are bound to affect its price. The recent rally is connected to Shiba Inu unveiling a surprise it has been teasing, involving the release of a major Shibarium update and its Beta details.<\/span><\/p>\n

After several teases, Shiba Inu developers have finally revealed the surprise behind the strange hints dropped in recent days and offered details on the Shibarium beta test. A Sunday tweet read:<\/span><\/p>\n

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🦮 A special https:\/\/t.co\/pl0HAXgkAE<\/a> countdown has begun. Please allow DNS to propagate correctly, in case the website is loading blank for some users, try reloading again in a few minutes.<\/p>\n

— Shib (@Shibtoken) December 18, 2022<\/a><\/p><\/blockquote>\n