Why Is Shiba Inu’s $BONE On The Rise And Is It Time To Get In?
31 August 2022 - 3:00AM
NEWSBTC
Meme coin Shiba Inu has been able to properly leverage its
popularity and build out another token, BONE, that is catching the
eye of investors. $BONE is the native token of the Shiba Inu
decentralized exchange, ShibSwap. Now, like any decentralized
exchange, putting the native token to work by using it for swaps
gives it utility, which has driven the price of BONE upwards. But
now, the digital asset is on the move once more. BONE Exchange
Listings Trigger Rise Just like Shiba Inu in its time, BONE is
receiving a lot of support from the community during this time.
Exchanges have moved to list the digital asset on their platform,
and as expected, these have triggered a pump in the price of the
cryptocurrency. Related Reading: New Report Says Bitcoin
Daily Trading Volumes Are Fake, So What’s The Real Number? The
first catalyst for the upward movement had been the Gate.io vote
that included BONE. Sometimes, exchanges will hold voting
competitions for different digital assets, and the ones with the
most votes are usually listed on the exchange. The prospect of BONE
being listed on Gate alone has set it on an upward trajectory. Then
came the official listing on another crypto exchange called
BlueBit. With both of these news driving more interest into the
token, the price had surged more than 110% in the span of 48 hours.
In just the last 24 hours alone, it has grown 83.22% to its current
price of $2.10. Is It Time To Get In? Cryptocurrencies, such as
BONE, are seen as high-risk plays due to their movement relying
solely on the hype created in the community, and if this hype
happens to die down, the price crash is rapid and leaves a lot of
casualties. However, they have also been known to rally beyond
anyone’s expectations, bringing large profits for investors. One
thing, though, is to get in as early as possible before it is
mainstream. For example, only about 3% of the total supply of BONE
is currently in circulation. As time goes on, it is expected that
more to the supply will be released into circulation, and it will
definitely have an impact on the price of the digital asset.
Related Reading: Macro Hold Tightens As Losses Spill Over To Crypto
Market It is always important to keep in mind that meme coins are
incredibly risky plays, and while there is a lot of potential for
growth, there is also potential for gains to be wiped out quickly.
As long as interest remains high, there will likely be more growth
to come before a correction. The total trading volume for BONE in
the last 24 hours is $72.8 million, up more than 400%. This can
usually indicate that a coin is reaching the peak of its hype and a
reversal is on the way. Featured image from Watcher Guru, chart
from TradingView.com Follow Best Owie on Twitter for market
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