Wen BONE? Binance Signals Listing Initiative Via Latest Announcement

May 20, 2024

Binance’s latest call for project applications, a move that has set tongues wagging across the cryptocurrency community, has sparked fervent speculation about the potential listing of BONE, the official gas token of Shiba Inu’s later-2 scalability solution Shibarium.

As eager investors await official confirmation, the announcement signals a promising step forward in Binance’s efforts to diversify its token offerings and foster a more inclusive market environment.

Binance, one of the world’s leading cryptocurrency exchanges by trading volume, issued a call for project applications in a bid to expand its token offerings and promote a more diverse market ecosystem. The announcement, released Monday, emphasized Binance’s commitment to supporting small-to-medium-sized projects with strong fundamentals and organic community bases. 

Commenting on the initiative, Binance highlighted the importance of fostering a healthy market environment amid concerns over tokens launching at inflated valuations. “We are committed to reshaping this trend and fostering a more diverse market environment for our users,” the exchange highlighted

With a focus on projects boasting moderate valuations relative to competitors and prioritizing community engagement, Binance aims to mitigate risks associated with high valuation launches and better align with the interests of retail investors and project communities.

The Shib Army has persistently advocated for the listing of Bone ShibaSwap on Binance, but their pleas have gone unanswered for years. However, the recent announcement has injected a wave of enthusiasm and anticipation into the Shiba Inu community. 

This excitement stems from the centralized crypto exchange platform’s expressed willingness to support projects meeting specific criteria. Binance stated its commitment to “supporting projects with strong fundamentals, organic community bases, sustainable business models, and dedicated teams.”

The announcement encourages projects across all sectors to apply, with emphasis on those with moderate valuations relative to competitors and a tokenomics structure prioritizing community users.

In a noteworthy development last month, Coinpedia Markets, a crypto-tracking platform, unveiled a bold projection: the imminent listing of Shibarium’s gas fee token on Binance later this year. Coinpedia Markets highlighted several compelling factors underpinning this strategic decision.

According to its analysis, BONE serves a dual role as the official gas fee token for Shiba Inu’s Layer-2 scalability solution and the governance token for ShibaSwap. This unique functionality not only facilitates seamless transactions but also empowers users with unparalleled opportunities for governance participation and stakeholder engagement within Shiba Inu’s decentralized exchange platform (DEX).

In response to a bullish announcement from the Shiba Inu development team regarding the integration of Shibaswap, its proprietary decentralized crypto exchange platform, into Shibarium, BONE experienced a notable double-digit spike. The announcement outlined the integration’s potential to deliver significantly faster and more cost-effective transactions, prompting a surge in BONE’s market activity. 

As of 9:51 a.m. ET on Monday, BONE was trading at $0.6016, accompanied by a 24-hour trading volume that surged by 5.83% to reach $5,220,789. This recent price action reflects a marginal 0.24% decline in its value over the past 24 hours, juxtaposed with a notable 4.19% increase over the last seven days. 

However, BONE has witnessed a significant 18.26% decline in value over the past 30 days. According to the latest data from CoinMarketCap, BONE’s market capitalization is $138,397,836, supported by a circulating supply of 229,923,351 BONE tokens.

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