The governance token for the Shiba Inu ecosystem, BONE, has seen a significant surge of over 43% in the past 30 days, reaching a trading value of around $1.94 on Friday. The upcoming launch of Shibarium, the layer 2 network for the Shiba Inu ecosystem, has brought more attention to the BONE token as it is set to be a utility coin.
According to the latest market data, BONE has a market capitalization of around $449 million, making it one of the top three meme coins by market cap.
BONE Token Listed on Gate.io Cryptocurrency Exchange
With the anticipated growth of the Shiba Inu ecosystem, Gate.io cryptocurrency exchange has recently listed BONE, which already has about 10 million registered customers. The exchange is looking forward to the Shibarium launch, where users will be able to stake their BONE tokens as validators and earn passive income.
BONE Token Price Action and Predictions
As the success of Shiba Inu’s parent blockchain heavily influences the price of BONE, the token’s increasing market demand and limited supply of about 250,000,000 tokens suggest more potential gains in the future.
However, the BONE price is retesting its last August’s all-time high, which may result in a correction before continuing the rally. CoinCodex, an on-chain analytics firm, has updated its price prediction for BONE, estimating that the token could reach close to $3 by the end of March 2023.
