Shiba Inu’s governance token BONE, which also serves as the gas token for the Layer 2 Shibarium network, has been experiencing a consistent upward trend since June 10.
After reaching a low of $0.665, BONE’s price has doubled, achieving impressive 100% gains and reaching highs of $1.16 in today’s trading session.
The recent 24 hours have seen even more traction for BONE, following announcements made by Shiba Inu lead Shytoshi Kusama regarding the future of the SHIB ecosystem.
At the time of writing, BONE has experienced an 8.99% increase in the past 24 hours, reaching $1.14. The token has also recorded weekly gains of over 25%.
These significant gains are noteworthy, especially considering the recent market sell-off that has affected the broader crypto market. BONE has outperformed other dog-themed tokens like SHIB, which is currently facing losses.
Shibarium Launch Date and BONE Governance Shiba Inu lead Shytoshi Kusama recently unveiled important updates related to Shibarium, the highly anticipated Layer 2 blockchain.
In a blog post, Kusama announced a potential launch date for Shibarium’s mainnet, which will make use of BONE as the gas token. He hinted at discussions and potential releases during the Blockchain Futurist Conference scheduled for August in Toronto.
Since its launch on March 11, Shibarium’s testnet, Puppynet, has seen remarkable activity, with over 27 million transactions from more than 17 million wallets. This high level of engagement on the testnet suggests a strong demand for the network.
Furthermore, Kusama provided clarity on the role of BONE governance within the Shiba Inu ecosystem. BONE is responsible for governing and supporting technology in the community, specifically in areas such as the Shibarium gas fee.
Kusama emphasized the importance of ensuring equal participation and representation within the DAO, dividing the system’s governance into four sections, each associated with a basic token in the Shiba Inu ecosystem.
These sections include Shib for community governance, Bone for technology support, Leash for community protection and exclusivity, and Treat for enhancing community projects.