50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

Shiba Inu's BONE Rockets 11% on Anticipation of Groundbreaking Shibarium Launch

Published 2023-07-28, 11:20 a/m
© Reuters.  Shiba Inu's BONE Rockets 11% on Anticipation of Groundbreaking Shibarium Launch
USD/CAD
-
ETH/USD
-
SHIB/USD
-

U.Today - Shiba Inu ecosystem token and probably the key element of the upcoming Shibarium, , is showing extraordinary price action today. Over the past 12 hours, the token's price has been rising explosively, showing a momentum gain of as much as 11%. As a result, the price of BONE has updated the highs of the last couple of weeks and returned to the levels it was trading at at the end of the first decade of July.

BONE to USD by The reason for this kind of performance can be attributed to growing anticipation of the release of Shibarium. Talks about the long-awaited release have been going on for a long time now, and in recent days more and more news has started to appear in the media field, hinting that Shiba Inu's Layer 2 solution will be released soon.

One such piece of news was the announcement that the beta version of has been launched for public testing. As stated, the bridge will provide support for the Ethereum token standard, ERC-20. Once the bridge is launched on the main network, it will likely provide high liquidity to Shibarium. It will also significantly increase the utility of the protocol's network.

BONE on Binance? Who knows

Other than that, one could speculate that BONE's price rise at this point is an anticipatory reaction to some upcoming news. As often happens on the crypto market, first the price rises, and then the reason becomes known.

In this case, without rejecting the theories about the imminent launch of , such a reaction could have been provoked, for example, by an impending listing on some major exchange. Who knows, maybe soon BONE will get a long-awaited listing on Binance, which the community has been asking for for a long time.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.