In a significant development in the cryptocurrency market, Shiba Inu's governance token, Bone ShibaSwap (BONE), witnessed a remarkable surge in its value. The token, which also serves as the Layer 2 Shibarium gas token, saw its price leap from $1.06 to $1.31 on July 7, and it continued to rise, reaching $1.39 in the early hours of the following day.
This surge came in the wake of Shiba Inu's lead, Shytoshi Kusama, hinting at the imminent release of Shibarium. The announcement, expected to be made at the Blockchain Futurist Conference in Toronto this August, has stirred excitement among investors and traders, leading to a bullish trend for BONE.
As of the time of writing, BONE has risen by 19.64% in the last 24 hours to $1.32 and has seen a 42% increase over the past week. This impressive performance has catapulted BONE back into the top 100 cryptocurrencies, boasting a market capitalization of $306.3 million.
The Shibarium token has been on a steady upward trajectory since June 10, when it bottomed out at $0.665. The token's price broke through the key MA 200 barrier at $1.13, which had previously hindered its price advance since mid-March. This breakthrough propelled BONE to near four-month highs.
In related news, the Shiba Inu ecosystem token DogeKiller (LEASH) has also been on the rise, mirroring BONE's performance. LEASH saw a significant increase on July 7, reaching highs of $343. At the time of writing, LEASH was up 10.57% in the last 24 hours to $333 and had increased by 15.50% in the last seven days.
Shytoshi Kusama recently provided insights into how governance in the SHIB ecosystem would operate. The core tokens in the SHIB ecosystem — SHIB, LEASH, BONE, and TREAT — will all have their governance. This means that token holders can actively participate in decision-making processes that shape the future of these tokens. They can exercise their voting rights and influence the governance parameters and policies of the token.
The recent developments in the SHIB ecosystem underscore the growing influence of governance tokens in the cryptocurrency market. As more investors recognize the potential of these tokens, we can expect to see further volatility and potentially lucrative opportunities in this space.
Stay tuned for more updates on this and other developments in the cryptocurrency market.