Shiba Inu‘s ecosystem token Bone increased nearly 20% today, rising from $1.12 to $1.37 at the day’s peak. Bone is seeing strong buying interest ahead of the release of the Shibarium public beta testnet later this month.
Over the last 30 days, the token has gained 87% in value, reaching a high of $1.77 this week.
Consequently, investors who purchased Bone in August have nearly doubled their portfolio today. Moreover, since July 2022, the price of Bone has skyrocketed, rising from $0.48 to $1.10 in just 30 days.
Considering the momentum that has been building for this week, Bone could reach $2 next week. In addition, the token’s price has more than doubled in the past three months, providing investors with excellent returns.
Shibarium Impactful On Shiba Inu’s Bone Pump
The Bone token will govern the Shibarium layer-2 network. It is expected that Unification xFund, the company building the network, will release the layer-2 solution documentation in September.
It is an excellent use case in the Shiba Inu ecosystem since it will provide gas fees for Shibarium. Although the Shibarium network is still in its infancy, its release date has not been determined yet.
Due to this, investors are flocking to Bone before Shibarium is released in hopes of taking advantage of the early entry price. According to investors, Bone’s use-case in Shibarium could sustainably scale its price up and boost its return on investment.
Prior to the launch of the L2 network, Bone is expected to attract consistent buying pressure. By taking advantage of the hype surrounding Bone, investors can gain entry and exit after profiting.
According to Coingecko’s data, Bone’s share price was $1.38 at press time, down 18.9% from the previous day. Bone was currently down by 91.3% from its all-time high of $15.50 in July last year.