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Shiba Inu’s BONE Up 25% as Rebound Rally Enlarges Market Cap

source-logo  dailycoin.com 29 May 2023 11:10, UTC
  • Bone ShibaSwap (BONE) market cap scoops up $40 million in a week.
  • Today marks the first anniversary since Ryoshi left the community.
  • Shibarium’s gas fees would be lower in bull cycles, developers reveal.

The SHIB Army, the community dedicated to pursuing Ryoshi’s vision for Shiba Inu (SHIB), commemorates his last message before vanishing. “I am not important, and one day I will be gone without notice. Take the SHIBA and journey upwards frens,” uttered the mysterious Shiba Inu founder in a May 30th, 2022 tweet.

"My job, my job is to defend the line and the brand. From the beginning, it is always the same. SHIBA is SHIBA. that is all.”

I am Ryoshi $SHIB $BONE $LEASH #Shibarium #ShibtheMetaverse#Shiboshis pic.twitter.com/k2aRqU53oy

— 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) May 29, 2023

BONE Reclaims $200M Market Capitalization

One key on-chain metric turns bullish for Bone ShibaSwap (BONE), as Shiba Inu’s alternative token records 25% weekly gains. 46% ‘In the money’ signal indicates that over 10% more current $BONE holders are making a profit at this price. As a result, $BONE reached a $204 million market cap on Monday, picking up $40 million in the last seven days.

At press time, Shibarium’s gas fee token BONE is priced at $0.890872, according to CoinGecko. Bullish divergence seems to have sunk in with 25% weekly gains and continuing bullish momentum with a 1.3% increase in the last 24 hours.

Ranked #180, the gas fee token is gearing up to restore another crucial support level above $0.90 if the bullish trend persists. In a recent Discord Ask-Me-Anything (AMA) session, one of Shibarium’s developers revealed that BONE price would inverse correlation with the gas fees on the network.

According to the latest statements by SHIB Token’s moderator team, Shibarium Layer-2 is due for release in Q3 of 2023. In addition, the longed-for SHIB: The Metaverse project is slated for a Q4 of 2023 launch. Indeed, these projects would use $BONE on every transaction, while the Shibburn dApp on Shibarium has a cumulative burn function, swapping $BONE for $SHIB.

The #gas fees will always be low on #Shibarium!…
Take a 👀 #Shibarmy 👇$BONE 🍖 pic.twitter.com/u8owxPl2ui

— Jolt (@Jolt_yourday) May 28, 2023

On The Flipside

  • Shibarium developers reported rising phishing attacks exploiting Shibarium Tech’s name.
  • On-chain metrics unveil a 3.65% decrease in large transactions, which could flag the return of the bears.

Why This Matters

Shiba Inu’s Layer-2 scaling solution can bring more utility to the ERC-20 token.

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