Shiba Inu (SHIB) Ecosystem Altcoin Rises Over 40% in One Week Amid Selection As the Network’s Sole Utility Token

Bone ShibaSwap (BONE) is rapidly rising in value as it becomes the only utility token for use in the Shiba Inu (SHIB) ecosystem.

The soon-to-launch Shibarium blockchain, the expected layer-2 upgrade of the Shiba Inu network, is selecting BONE for its utility token to use for blockchain transaction fees and for other activities.

The token shot up more than 40% in the past week on the news.

According to the Shibarium project,

“This is to confirm and validate, from us, the official source, that BONE is and remains the only token selected for gas fees and use. No other tokens will be necessary to operate within the protocol.

Furthermore, and to make it strictly clear: Shibarium has been developed for SHIB token and not for the sake of other projects who claim ownership or speculation surrounding its operability dependency on any other tokens.

This layer belongs to the community and its solid foundation to innovate while evolving SHIB as an Ecosystem. It will always encompass support for Shiba Inu and its growth.”

The price of BONE rose from a low of $0.779 on December 29, 2022, to a high of $1.11 on January 5th, an increase of about 42.5%.

At time of writing, BONE is changing hands for $1.13.

It’s unclear when the Shibarium network will actually launch, but it is excepted to launch soon.

Says a Shiba Inu developer known as Trophias,

“As for Shibarium… we understand some may be upset as you were expecting an update on the much anticipated Shibarium. Realistically, we can’t launch everything all at once. It needs to be done thoughtfully and carefully. We needed a solid place for information and more.”

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Generated Image: Midjourney