Bone ShibaSwap (BONE) has been experiencing significant growth in both its price and trading volume over the past 48 hours. The price of Bone ShibaSwap (BONE) has increased by more than 15% in the last 24 hours, while trading volume has risen by 656%.
Bone ShibaSwap has been making major moves in the crypto market this week. The token is trading at $1.71, with a 6% rise in the last seven days, leading to gains in the crypto market.#cryptomarket #CryptoCommunity
— Adam (@Dat_analyzer) March 9, 2023
The recent surge in BONE’s price and trading volume can be attributed to several factors, including the announcement of BONE’s listing on NovaDAX, a Brazilian crypto exchange, which provides easier access to BONE for Brazilian investors using fiat currency.
Additionally, the upcoming launch of Shibarium’s public beta has also contributed to the increase in price. Furthermore, the planned integration of ShibaSwap into the Shibarium mainnet has also contributed to the boost in BONE’s price.
This week sees the launch of #Shibarium. This news unquestionably causes a temporary surge in the market as a whole.#ShibariumBETA #SHIBARMY #SHIBAINU #ShibaSwap #UseShibaSwap #BONE #BoneShibaSwap $BONE #SHIBARMYSTRONG pic.twitter.com/FUnFIIWZC4
— MoonBoyz.eth (@69moonboyz) March 9, 2023
Bone ShibaSwap is the decentralized exchange officially associated with the Shibarium network, and BONE serves as the governance token for the ecosystem. With an increasing number of users joining the ShibaSwap ecosystem, the demand for BONE is expected to rise, resulting in an increase in the token’s price.
Bone ShibaSwap Price
At present, the price of Bone ShibaSwap is $1.71, and the 24-hour trading volume is $15,741,968. Over the last 24 hours, Bone ShibaSwap has experienced a decline of 2.68%. The coin currently holds the #91 rank on the market, with a live market cap of $392,652,397.
The number of BONE coins in circulation is 229,925,570, and the maximum supply is 230,000,000 BONE coins.
Listing on NovaDAX Exchange
The announcement of BONE’s listing on NovaDAX, a well-known crypto exchange in Brazil, has resulted in a surge in both the price and trading volume of BONE. The integration with NovaDAX has made it easier for Brazilian investors to purchase BONE by allowing trading with fiat currencies
NovaDAX @Nova_DAX, thank you for listing $BONE @Shibtoken!$BONE @Shibtoken will be recognized by #CryptoCommunity in 2023! https://t.co/wuuTAvC8R0
— CryptoPollDoctor (@CryptoPollDoc) March 8, 2023
It is worth noting that the BRL/BONE trading pair was recently added to Bitget and XT.com, and now it has been listed on NovaDAX. This increased accessibility to these exchanges has helped to improve BONE’s visibility and demand.
Shibarium Beta Launch
Another factor contributing to the rise in the price of BONE is the upcoming launch of Shibarium Public Beta. The Shiba Inu team has announced that the launch is scheduled for this week, although the specific date has not yet been revealed.
BETA LAUNCH REGISTRATION!
Make sure you've registered your wallets for access to our Beta Launch! #ShibariumBeta
If you hold anything Shibarium (SHIBA, BONE, LEASH, etc…) you will have priority access.
Shibarium Beta Launch Registration Link: https://t.co/88fl4ZfKl9 pic.twitter.com/JIywWEadaR
— Shytoshi™ (@ShytoshiKsusama) March 9, 2023
The launch of Shibarium is highly anticipated, as it is expected to provide a significant boost to the Shiba Inu ecosystem. BONE serves as the gas token for the Shibarium protocol and will be used as a reward for validators and delegators.
This fundamental use case for BONE is likely to increase demand for the token and push its price higher.
Integration of ShibaSwap into Shibarium
“On the other hand, the rise in the price of BONE is also supported by the planned integration of ShibaSwap into the Shibarium mainnet. As the official DEX of the Shibarium network, ShibaSwap relies on BONE as its governance token.
This provides BONE holders with a say in the decision-making process of the platform, including the ability to vote on upcoming proposals. As more users join the ShibaSwap ecosystem, the demand for BONE is likely to increase, driving up the price of the token.
Crypto Downturn and Fed’s Hawkish Stance May Limit BONE ShibaSwap Gains
The global crypto markets have recently experienced a downturn, with many cryptocurrencies losing ground and flashing red over the past few days. The bearish trend in the crypto market is attributed to various factors, including concerns over regulatory crackdowns, high volatility, and the US Federal Reserve’s hawkish stance on interest rate hikes. These factors may limit the gains in the Bone ShibaSwap (BONE) coin.
Moreover, the US dollar remained strong, reaching a three-month high due to Federal Reserve Chair Jerome Powell’s remarks that interest rates may need to increase quicker.
This caused the US dollar to retreat from close to a three-month top, which may cap further gains in the Bone ShibaSwap (BONE) coin as well.
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