In a recent development, it was revealed that the main token for the upcoming Shibarium and Shiba Inu governance token, BONE, made it to the top 100 cryptocurrencies by market cap.
BONE Appears Among The First 100 Crypto By Market Cap
The good news was shared on the official BONE handle and according to the report, this will be the first time in history that BONE has achieved this feat. BONE ShibaSwap is currently ranked the 99th largest cryptocurrency with a market cap of $423.9 million, per CoinMarketCap data.
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ShibaSwap Bone Spikes Following The Shibarium Update
It is worth noting that the ShibaSwap Bone has been doing well following the update issued on the long-awaited Shibarium. The lead Shiba Inu developer, Shytoshi Kusama, hinted at the imminent release of the much-awaited Layer 2 at the week’s start. Kusama has also released some publications on Shibarium. Most recently, the SHIB lead developer updated his Twitter bio with: “On (fire emoji) & on schedule.”
There have been a lot of updates dropped over this period, Shiytoshi Kusama recently hinted that the Shibarium may likely launch this week as reported by Cryptolifedigital.
Following this period, some analyst has been on the watch for the Shiba Inu token, BONE. BONE was up 11% at $1.86 after reaching intraday highs of $1.96. BONE has risen to prominence as a result of the barium release and has been listed on exchanges in recent weeks. As previously reported, major exchanges XT.com and Bitget recently listed BONE.
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In Shibarium, validators play a key role in the network and support operability security by running the Heimdall Validator and Bor block production nodes and locking up a specific amount of BONE tokens.
It is no news that the BONE came into existence to use as a reward for the validators and also to be used as the gas fee during transactions. Out of the massive amount of BONE created, 20 million was set aside for the purpose stated.
Although, there was a debate in the community as to maybe additional BONE should be minted or 20 million should be set aside out of the already created. The community agreed that 20 million should be set aside instead of creating the additional BONE tokens.