BONE’s price perpetuating declines, leading many to speculate
According to data from CoinMarketCap, the Shiba Inu’s governance token, Bone, suddenly saw a more than 205% increase in trading volume. However, the price of Bone continued to drop, leading many to speculate as to what could have happened. At the time of publication, Bone was trading at $1.12, down 13.47% over the past 24 hours.
Higher volatility typically leads to an increase in trading volumes for any asset as seasoned traders buy and sell in enormous quantities to capture profits.
Similarly, an increase in bone volume could be due to investors wanting to buy bone at its current low level. Traders may be scrambling to take advantage of the opportunity presented by recent price volatility. However, some observers claim that the total number of units transferred, or trading volume, between buyers and sellers is an unreliable indicator of investor status.
Bone was a top gainer in August as it rose above the $2 mark to set a yearly high of $2.39 on Aug. 30. Shortly after touching this peak, BONE’s price declined to enter a range. Bulls could not sustain above the $1.63 mark at the close of September, sparking further declines. While the exact reason for the dump remains unknown, many suspect it to be the result of uncertainty regarding the Shibarium launch.
No official date yet for Shiberium
According to Shiba Inu’s lead developer, Shiotoshi Kusama, the team hasn’t given an official date for the Shiberium release yet. In its most recent update, the Layer 2 Shiberium builder, Unification offered it in Q3, 2022, or soon after the Shiberium Public Beta launches.
In September, BONE minting was officially halted, as the current supply had exceeded 230 million. Upcoming Layer 2 Shibarium will require 20 million BONE to be secured for the operation of the protocol, in which rewards for validators and gas will be reserved. Additionally, it is known that delegators will be rewarded in BONE for their efforts and for playing their assigned roles in the blockchain.
In a positive development, the Shiba Inu team announced that October 6th will be the official download date for the SHIB CCG game.
