BONE, the Shiba Inu management token, experienced a significant increase last week with its price increasing by double digits during this period. At the time of writing, BONE has seen an increase of 0.5% in the last 24 hours reaching $1.20. Moreover, the token witnessed a weekly increase of more than 40% making it the best performer among the top 100 tokens.
This spike is of great importance because BONE has managed to be strong despite the recent market sell-off, which has left the crypto market in a bearish state. The recent growth of BONE can be attributed to the statement of Shitoshi Kusama, the lead developer of Shiba Inu.
Kusama Gives Tentative Date For Shibarium Launch
Earlier in the week Kusama revealed a potential date for the launch of Shibarium, the anticipated Layer-2 blockchain that will power the Shiba Inu ecosystem. According to a blog post on July 6, Kusama said that Shibarium’s mainnet launch could be discussed and revealed at the Blockchain Futurists Conference scheduled to take place in Toronto in August.
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Kusama further described the role of multiple token systems that Shibarium will support. According to him, the Shiba Inu ecosystem can be divided into four sections with each section using a unique sign. SHIB will be used to manage the community, while BONE will manage and support community technology (such as Shibarium gas fees), LEASH will provide community security and provide exclusivity, and TREAT will moderate and develop community projects. .
After this disclosure, the price of BONE experienced a significant increase due to the positive sentiments from the community. BONE’s unique role in relation to Shibarium gas charges makes it an important landmark within the Shiba Inu ecosystem.
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Shibarium is also seen as a significant development and has attracted the attention of many within the crypto community. Since its launch on March 11, PuppyNet, the testnet for Shibarium has shown remarkable activity. The testnet has witnessed more than 27.5 million transactions from over $17 million wallets. This high level of activity on the Shibarium testnet is a major indicator of the potential of the network and BONE is at the center of it.
BONE Price Prediction
BONE has experienced a steady uptrend since June 11, after it dropped to $0.665. Since then, its price has increased by 100% in today’s trade reaching a high of $1.35. This positive trend is likely to continue in the coming weeks with more improvements expected to be deployed in Shibarium.
It will always trickle down to the BONE which will provide more push for memecoin to break new resistance limits. Currently the current resistance mark is $1.5 and if there is a major correction, the next support levels are $1.30 and $1.25, respectively.
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Featured Image from unSplash, chart from TradingView and Coingecko