Shiba Inu’s ecosystem is gaining momentum lately as both Bone and Leash are on an upward trajectory. Bone, which was trading at less than 50 Cents last month saw a phenomenal rally, as it breached the $1 mark today. In just 30 trading days, Bone doubled in price despite the overall crypto markets experiencing a pullback. This month alone, Bone was up nearly 56% and delivered handsome returns to investors who took an entry position in June.
Bone is still attracting heavy buying pressure as investors are jumping on the bandwagon to make the most of its price rise. It reached the day’s high of $1.09 and a low of $1.01 and might go further up in the coming hours.
Why Did Bone Double In Price?
Bone gained limelight after Gate.io tweeted about listing the token if it received the highest number of votes. The Shiba Inu’s ecosystem token was pitted against many other tokens to clinch the listing.
The Gate.io’s tweet about ‘voting’ was shared by the lead developer of ShibaSwap, Shytoshi Kusama on Twitter. Shytoshi urged the SHIB community to rally behind Bone and make it win the listing. The tweet was shared widely on social media giving users a fair idea that Gate.io could list Bone eventually.
Shibarium is another reason why Bone is surging in price this month. The documentation of the layer-2 solution will be out by September and Bone will be its governing token. In other words, Bone will be used as gas fees on Shibarium, and investors flocked towards an early entry position. However, the launch date of Shibarium is not revealed yet.
Bone might jump in price yet again when the Shiba Inu team announces its release date. The token plays an important role in Shibarium making its use-case central to the network.
At press time, Bone was trading at $1.07 and is up 3.67% in the 24 hours day trade.