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- Bone ShibaSwap (BONE) and Doge Killer (LEASH) experience price increases that surpass those of Shiba Inu (SHIB).
- BONE is recognized as the main gas and governance token for Shibarium.
The launch of the Shibarium mainnet in August is driving price increases across nearly all tokens within the Shiba Inu ecosystem. Notably, Bone ShibaSwap (BONE) has seen a remarkable rally, achieving a recovery spike of 110%.
Most cryptocurrencies faced a significant downturn during the SEC’s crackdown on crypto that began in June. Similarly, BONE fell to its lowest point in six months at $0.6650 on June 10. However, the current excitement surrounding Shibarium within the Shiba community is contributing to a strong recovery for Bone ShibaSwap.
In the early hours of the Asian market, this token reached its highest point in 112 days at $1.399. Additionally, in the past 24 hours, BONE increased by over 20% in price and saw a 41.5% rise in daily trading volume.
Bone ShibaSwap (BONE) Price Chart (Source: TradingView)
The daily price chart has clearly indicated that BONE’s RSI has risen into the positive overbought zone. The growing buying pressure is supporting the ongoing price increase. Currently, the total number of wallets holding BONE stands at 82,848.
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Conversely, the Chaikin Money Flow (CMF) has increased to +0.27, reflecting the token’s current bullish sentiment and robust capital inflows.
Shiba Inu Tokens Gaining Momentum Ahead of Shibarium
Among the three primary native tokens in the Shiba Inu ecosystem, BONE has demonstrated a notable rally since June 10. How have the other two cryptocurrencies fared?
In the last 24 hours, the ecosystem’s main cryptocurrency, Shiba Inu (SHIB), saw a rise of 1.29%, trading at $0.0000073. However, SHIB’s daily trading volume decreased by over 38%. Meanwhile, Doge Killer (LEASH) recorded a gain of more than 8% over 24 hours and was trading at $330 at the time of writing. Unlike SHIB, LEASH experienced a 15.2% increase in daily volume.
A blog post published on Thursday by SHIB developer Shytoshi Kusama outlined the functions of these tokens. Firstly, SHIB will continue to act as the central governance token for the entire Shiba Inu ecosystem. Secondly, BONE will serve as the primary governance and gas token for Shibarium. Thirdly, LEASH will function as the token that ensures community protection. Additionally, another token named TREAT will be responsible for overseeing community projects.
Consequently, the Shiba community anticipates a positive impact from the Shibarium mainnet launch in August. There is significant expectation for this memecoin’s ecosystem to grow with enhanced utilities.
Moreover, upcoming crypto events in Canada in August — Blockchain Futurist Conference, ETHToronto, and ETHWomen hackathons — are expected to be the focal point for major announcements regarding Shibarium.
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