The governance token has been listed on various exchanges such as MEXC.
For the uninitiated, Shibarium is a layer 2 network that runs on the Ethereum platform. It works similar to ETH and builds its own network for users to access. Shibaium aims to provide users with a reduction in gas fees and will be an internal platform for transactional purposes. Shibarium layer-2 uses BONE as the main pair token.
One of the Shiba Inu ecosystem tokens, BONE, is currently trending among Ethereum whales that use it for smart contracts.
It is worth remembering that last December, the #ShibAMA Twitter space organized by David Gokhshtein’s “Gokhshtein Media” was attended by nearly 11,000 people. Spokesperson Queenie spoke at length about the Shiba Inu and their future answering all the questions that came her way. She talked about the upcoming Shibarium layer-2 solution. Queenie confirmed that BONE would be used as a native gas token in the upcoming Shibarium Blockchain.
“BONE will be used as a native gas token on the Shibarium layer 2 blockchain,” said Queenie during the ShibAMA space. As soon as he confirmed the development, the Twitter Space erupted and brought a dash of new energy.
“It’s just that the gas token you will pay for is BONE. So you won’t lose any SHIB on the way. You will still be able to use Leash and Bone and order all your liquidity,” Queenie said.
Community interest triggers the value of BONE
According to data from Whale Stats, BONE is the most used smart contract among the top 1,000 Ethereum whales. The new interest may be related to the token’s surge in value over the past week.
BONE is one of the three main tokens in the Shiba Inu ecosystem. The token has a total supply of 250 million and serves as a governance token for the Shiba Inu ecosystem.
However, only 230 million tokens will circulate because the Shiba Inu community voted to limit BONE farming to 230 million minted tokens. This decision was to keep the remaining 20 million for Shibarium validators.
The token is currently trading at $1.47 after rising roughly 20% last week. This is probably due to its recent listing on various platforms such as the MEXC exchange, BlueBit, FCF Pay, and Switchere.
Dextools also listed the token, which is currently trending as the number one cryptocurrency on the platform as it trades with Wrapped Ethereum.
It is likely that other platforms will also list it over time, as interest continues to grow.
SHIB holders grow despite falling prices
Meanwhile, the Shiba Inu continues to experience a drop in value as market conditions weigh heavily on its price. It has fallen 5.6% in the last 24 hours and more than 15% in the last two weeks.
Despite this, it remains the most whale-owned cryptocurrency Ethereum aside from Ethereum, as the number of SHIB holders has grown steadily despite the market downturn.
The number of SHIB wallets grew by 110.00 in September and 35,302 in the last 7 days according to Crypteye.
By Audy Castaneda
