Shiba Inu’s ecosystem token Bone spiked nearly 20% today jumping from $1.12 to $1.37 at the day’s high. Bone is attracting heavy buying pressure ahead of the Shibarium public beta testnet, which is scheduled to be out this month.
The token reached a high of $1.77 this week and also jumped 87% in price in the last 30 days.
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Therefore, investors who took an entry position in Bone in August have nearly doubled their portfolio today. Bone has been shooting up in price since July 2022 and went from $0.48 to $1.10 in just 30 days.
The chart shows Bone shooting straight up on Thursday and if the momentum continues, it might reach $2 next week. The token has been mostly doubling in price for three months delivering stellar returns to investors.
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Shiba Inu’s Bone Spiking in Price Due to Shibarium
Bone will be the governing token on the Shibarium layer-2 network. The documentation of the layer-2 solution will be out by September, revealed Unification xFund, the firm that’s building the network.
The token will be used as gas fees on Shibarium making it a good use case in the Shiba Inu ecosystem. Nonetheless, the final release date of the Shibarium network is yet to be announced.
Therefore, investors are flocking to Bone in the hopes of taking an early entry position before Shibarium is launched. Investors believe that Bone’s use-case in Shibarium could sustainably scale its price up and deliver better returns.
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Bone is expected to attract buying pressure steadily leading up to the launch of the L2 network. Investors can make use of the hype and enter Bone and exit after making profits.
At press time, Bone was trading at $1.38 and is down 18.9% in the 24 hours day trade. It is also down 91.3% from its all-time high of $15.50, which it reached in July last year.