The native governance token of Shiba Inu’s decentralized exchange, Bone ShibaSwap (BONE), had a tremendous rally last month, which helped it gain significant recognition.
Last month, cryptocurrency data analytics firm LunarCrush named BONE the best-performing token in terms of price among the top 300 crypto assets.
BONE reached the landmark after its price increased by 178.5% in August 2022 alone. The massive increase in BONE helped the token rank higher than top coins and tokens such as Bitcoin (BTC), Shiba Inu (SHIB), Dogecoin (DOGE), and others.
“Out of the top 300 #cryptos, Bone ShibaSwap $BONE is the top performer price-wise in August: +178.5% [in August 2022],” LunarCrush tweeted.
BONE’s Last Month’s Rally
BONE experienced a remarkable run last month after its price encountered significant resistance from Bitcoin’s dominance. While other cryptocurrencies were falling, BONE’s price increased dramatically.
According to Coingecko data, BONE began trading at approximately 0.7084 on August 1, 2022. Due to the massive drop in crypto prices last month, the cryptocurrency struggled to break through the $1.1 resistance for most of the month. According to reports, Gate.io purchased $492,000 worth of BONE tokens on August 23, 2022. The announcement sparked speculation that the meme coin would soon be available for trading on the Gate.io exchange.
Following Gate.io, Singapore-based MEXC Global amassed 11.63 million Bone ShibaSwap (BONE) to become the third largest bone holder.
The rumors of BONE’s listing on Gate.io and the massive accumulation of MEXC fueled widespread adoption of the token among whale investors, resulting in a price increase.
Furthermore, BONE was listed on several cryptocurrency exchanges, allowing many investors to adopt the token. These favorable developments drove the price of BONE to a nine-month high of $2.15. Although BONE’s price has retraced below $2, its remarkable rally last month is noteworthy.
