BONE’s Meteoric Rise: Shibarium’s Gas Fee Token Dominates and Soars as the Crypto Darling

April 1, 2024

Bone ShibaSwap (BONE) has vaulted to the pinnacle of the crypto world, clinching the title of the top favorite cryptocurrency. This crowning achievement isn’t just a nod to BONE’s surging popularity; it’s a loud shout-out to the might and dedication of the Shib Army—the fiercely loyal and zealous advocates of the Shiba Inu ecosystem.

Crypto price tracking platform Coinpedia Markets made a notable announcement Monday via X (formerly Twitter), revealing that BONE, the official gas fee token of Shiba Inu’s Layer-2 network, Shibarium, has achieved the distinction of being voted the favorite crypto asset by the platform’s users.

Alongside this announcement, the organizers took the opportunity to express their gratitude toward all participants, recognizing the pivotal role of community engagement and collective participation in fostering a competitive yet united cryptocurrency ecosystem.

In a significant market update from Coinpedia Markets last month, BONE distinguished itself by securing a spot in the Top 5 Cryptocurrency Market Update, ranking third owing to its remarkable performance. The digital asset saw an explosive increase, surging by 19% in a single day and an impressive 54% over the past 30 days. 

At that time, BONE boasted a market capitalization of $212 million, underscoring its growing influence and robust momentum in the cryptocurrency landscape. This achievement highlights BONE’s strong market presence and the increasing investor confidence in its potential.

BONE’s remarkable positioning last month placed it just beneath Ethereum, the globally recognized second-largest crypto asset by market capitalization, and BlackRock, the world’s premier multinational investment corporation, known notably for backing the leading Bitcoin exchange-traded fund in the U.S.

What sets BONE apart in the crowded meme coin market is its dual function as a utility token, a feature not commonly found in other crypto assets. BONE serves a pivotal role as the designated gas fee token, essential for executing transactions. 

This operational framework guarantees a steady demand for BONE, given its necessity for covering gas fees on the Shibarium network. Such a demand-centric approach mirrors the models that have underpinned the success of leading cryptocurrencies,

Additionally, the Shiba Inu team implements a burning mechanism for both BONE and SHIB within projects operating on Shibarium. This strategic measure is designed to systematically reduce the circulating supply of crypto assets within the Shiba ecosystem. As Shibarium’s adoption gains momentum, the potential demand for BONE grows in tandem, further bolstering its value proposition and long-term viability.

As of 9:51 a.m. ET on Monday, Bone ShibaSwap (BONE) was trading at $0.784603, with a 24-hour trading volume of $13,955,350. This reflects an 8.59% decline in the past 24 hours, alongside a 17.04% decrease over the last seven days, and a noteworthy 10.27% surge in value over the past 30 days. With a market capitalization of $180,398,591, Bone ShibaSwap boasts a circulating supply of 229,923,351 BONE, according to the latest data from CoinMarketCap.

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