Shiba Inu's governance token, BONE, increased by more than 60% prior to the launch of Shibarium.
Shibarium is an Ethereum-based Layer 2 network that is being developed for the Shiba Inu ecosystem.
As the official SHIB team reveal that the BONE token will be used to pay for transactions on the L2 network, the token is increasing in value.
Experts believe that the token will undoubtedly witness a strong bull run after the launch of the Shibarium Layer-2 Network.
As per WhaleStats reports, Shiba Inu's governance token, Bone ShibaSwap (BONE), continues to rank among the top 10 purchased tokens among the 1,000 largest ETH whales this month. This comes as the Shiba Inu team earlier revealed the launch of Shibarium Public Beta TestNet.
Since the announcement of Shiba Inu’s Layer-2 Network, the BONE token increased by more than 60%. The token is currently trading at a price of $1.399, and its market cap now stands at $321 million.
Recent reports reveal that the new whale purchased 1.1 million BONE tokens for a total market value of $1.52 million. The mysterious whale is ranked 17th on ShibaSwap's rich list. Experts believe that holding more BONE tokens now might benefit investors after the launch of the L2 network.
The Shibarium launch anticipation influenced not just the SHIB token but also the BONE token. In the past few months, the token has gained significant popularity in the Shiba Inu community.
As the official Shiba Inu team reveal that the BONE token will be used to pay for transactions on the L2 network, the token is increasing in value. The official announcement noted that BONE tokens will also be used to reward Shibarium network validators and delegators.
This indicates that the token will undoubtedly witness a strong bull run after the launch of the Shibarium Layer-2 Network. Shibarium is an Ethereum-based Layer 2 network that is being developed for the Shiba Inu ecosystem.
Experts believe that the network will definitely assist the Shiba Inu ecosystem in reducing the load while also boosting the user experience for metaverse and gaming applications. Meanwhile, the community anticipates the network to go live on February 14.
What are your thoughts on the BONE token's continuous price increase? Do you believe the Shibarium launch will push the price of BONE to its all-time high? Please share your valuable thoughts in the comment section below.