BONE spikes 87% due to Shibarium Launch

• BONE attracts immense buying pressure as the Shibarium beta testnet draws close.
• BONE will be the governance token in the Shibarium layer-2 network.

BONE, one of Shiba Inu’s native tokens, surged by 20 percent today to set a new intra-day high of $1.37. BONE’s price keeps rising as investors pile up buying pressure on the token with the date of the Shibarium public beta testnet launch drawing closer. If nothing changes, the testnet launch should happen by this month’s end.

Earlier in the week, the token’s price peaked at $1.77 and has surged by 87 percent over the past 30 days. Consequently, those who invested in BONE last month have increased their portfolio by nearly two-fold. BONE’s price has been rising since July 2022. It moved from $0.48 to $1.10 in less than one month.

The latest Coingecko chart indicates that BONE’s price is still rising as of Thursday afternoon. If it can sustain this momentum, it would likely trade at $2 before the end of the next week. BONE’s price has doubled over the past three months, giving investors huge investment returns.

BONE’s price rise and Shibarium testnet launch

BONE will be the governance token of the Shibarium layer-2 network. According to Unification xFund, the company building the network, the documentation of the layer-2 network will be out by next week. The firm disclosed that the BONE token serves as gas fees in the Shibarium network. Thus, making it an excellent use case in the Shiba Inu community.

Nevertheless, the exact date for the launch of the Shibarium network isn’t out yet. The SHIB team only announced that the launch would happen this month. It is no wonder that investors are buying more BONE tokens, hoping to take an early entry position before the Shibarium launch date. Investors believe BONE’s price could keep rising since the token would be a use case in the Shibarium network.

Thus, a price increase would mean better returns for these investors. Based on current news, BONE will keep attracting more buying pressure until the SHIB team announces the launch date of the layer-2 network

According to the latest data, BONE currently trades at $1.37 and is up 10.9 percent in the last 24 hours. However, it is still 91.3 percent off its peak price of $15.50, which it set in July 2021. Earlier in the month, the SHIB team announced a cap on BONE tokens to 230 million, thus, preventing further minting of the BONE token. Even though BONE’s maximum supply is still 250 million, the remaining 20 million is for gas and Shibarium validators. News of exchange listings was one of the reasons BONE enjoyed a significant boost in price last month and was one of the top crypto gainers that month.