After bottoming out at $0.665, the Shiba Inu governance token BONE, which is also the Layer 2 Shibarium gas token, has been steadily increasing since June 10. BONE’s price has increased by twofold or by 100% since this low, reaching highs of $1.16 in today’s trading.
After Shiba Inu head Shytoshi Kusama revealed the future path for the SHIB ecosystem while making a few announcements, BONE’s gradual rise gathered momentum over the past 24 hours.
BONE was trading for $1.14, up 8.99% over the previous day. The token is also up by over 25% on a weekly basis. Given the current market sell-off, the profits are still sizable even if the cryptocurrency market is still in the red.
Other dog-themed tokens, like as SHIB, which is now experiencing losses, are underperforming BONE.
Shibarium launch date announcement made
In a blog post published on Thursday, Shiba Inu head Shytoshi Kusama provided an estimated timeframe for the mainnet debut of the eagerly anticipated Layer 2 blockchain, Shibarium. The BONE gas token will be used in the Layer 2 network.
The much anticipated Shibarium Layer 2 solution may be discussed and released at the next Blockchain Futurist Conference in Toronto, Kusama underlined.
Puppynet, the testnet for Shibarium, has had a lot of activity since its inception on March 11: there have been a total of 27,615,393 transactions from more than 17 million wallets. The Shibarium testnet’s outstanding activity may indicate that there is a need for the network.
BONE governance role defined
Shiba Inu leader Shytoshi Kusama has outlined the function of BONE governance in Shiba Inu decentralisation in a blog post, which is an exciting update.
As Kusama mentioned, BONE oversees and funds technologies inside the community, such as the Shibarium gas fee.
Kusama noted that the system’s governance would be split into four portions, one for each fundamental token in the Shiba Inu ecosystem, in order to guarantee that the DAO offers every member of the Shiba Inu community an equal say.
Shib administers the community as a whole, Bone governs and supports technology in the community (for instance, the Shibarium gas tax), Leash is in charge of community security and exclusivity, and Treat oversees and improves community initiatives.
