August 25, 2023 12:26 AM | 1 min read
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Bone ShibaSwap (CRYPTO: BONE) managed to defy the overall cryptocurrency market trends by recording a significant 12% increase, while popular tokens like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) experienced a decline of over 2%.
What Happened: Trading at $1.39, Bone ShibaSwap on Thursday emerged as the top gainer among top 100 cryptocurrencies by market capitalization, according to CoinMarketCap.
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Trading volume for BONE saw an increase, surging by more than 90% in the last 24 hours, to $23 million.
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Why It Matters: Thursday data from Shibburn, a Shiba Inu burn tracker, showcased burn rate of 54% with over $84 million SHIB burned in the past 24 hours. This burning mechanism contributes to the scarcity of the SHIB token, ultimately driving its value.
Interestingly, new BONE tokens are still being introduced into circulation through a smart contract, “0xf7A…202b3,” which remains under the control of the ShibaSwap team. The lead developer has also elaborated that BONE will serve as a staking token for investors seeking to become validators for the Shibarium Network.
BONE token would serve as “the passport to Shibarium,” according to a blog post by Shytoshi Kusama, the creator of the ShibaSwap decentralized exchange and the leading developer behind the Shibarium ecosystem.
Photo by Dennis Diatel on Shutterstock
Read Next: Bitcoin, Ethereum, Dogecoin Slip Ahead Of Jerome Powell’s Jackson Hole Speech: Analyst Predicts ‘Grinding Bottom’ For Apex Crypto, Identifies This Key BTC Level
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