BONE crypto price has been in a strong bullish trend in the past few days as Shiba Inu ecosystem does well. Bone ShibaSwap rose to a high of $1.61, which was the highest level since August 22. It has jumped by more than 135% from the lowest level since November last year. According to CoinMarketCap, Bone has a market cap of more than $227 million.
What is Bone Shibaswap and why is it rising?
Shiba Inu is one of the biggest meme coins in the world. It is a popular meme token that came to being in 2021 during the crypto mania. As part of its ecosystem growth, Shiba Inu’s developers have been working to introduce more features. Two of the top features they introduced were LEASH and BONE. LEASH is a cryptocurrency that has a supply cap of 107,646 tokens. It is described as a special token for Shiba Inu’s ecosystem that enables them to benefit from rewards for liquidity provision.
BONE, on the othe hand, is the ecosystem governance token for the Shibaswap platform. It has a total supply of 250 million tokens and is designed to give the Shib Army a voice on proposals through th Doggy DAO.
BONE price has jumped in 2023 as investors wait for the upcoming launch of Shibarium. Shibarium, as I wrote in this Shiba Inu price prediction, is an upcoming layer 2 network that will solve some of the top challenges that exist currently in Shiba Inu’s ecosystem. Some of those challenges are the high transaction costs, slow speeds, and weak scalability. Shibarium will also improve Bone’s tokenomics and bring more use cases to the network. The developers wrote the following about Bone.
“In Shibarium, Validators are instrumental members of the network who contribute to operability security by locking up a certain number of $BONE tokens and operating Heimdall Validator and Bor block producer nodes.”
BONE crypto price prediction
The daily chart shows that the BONE Shibaswap price has been in a bullish trend in the past few days. In this period, it has managed to soar above the 25-day and 50-day moving averages. It also rose above the key resistance level at $1.3175, which was the highest point on September 9. The MACD has continued rising.
Therefore, the outlook for BONE price is still bullish ahead of the upcoming Shibarium launch. If this happens, the next key level to watch will be at $2. A drop below the support at $1.3100 will mean that there are still more sellers in the market.