An altcoin from Dogecoin (DOGE) competitor Shiba Inu’s (SHIB) ecosystem is quietly pulling off massive monthly gains while the rest of the markets trade down or sideways.
At time of writing, ShibaSwap Bone (BONE) is in the middle of a parabolic rally, up 162% in the month of August and 62% in just the last 24 hours.
BONE is the governance token of ShibaSwap, the native decentralized exchange (DEX) of the Shiba Inu project. It allows users to vote on upcoming proposals, and the more BONE one holds, the more weight their vote carries.
Enthusiasts of the memecoin ecosystem are currently anticipating the launch of “SHIB : The Metaverse,” which is slated for this year.
According to a March announcement:
“Shib : The Metaverse is the culmination of our history as a community, virtually displayed, in a layer of beautiful visuals that showcase our innovation and unity with a place to truly call home.
The Shiba Ecosystem will be used entirely by the SHIB : The Metaverse project, meaning all tokens $SHIB, $LEASH, $BONE will play a role as phases roll out. It’s important to understand this concept of ecosystem as we evolve as a project and promote new releases. The community will have a great deal of interaction, future choices, and creative ways to immerse themselves in this environment.”
BONE is also set to be the gas token on Shibarium, a layer-2 meant for developing the metaverse ecosystem.
With a supply of 250,000,000 tokens, BONE is trading at $1.62 with a market cap of just over $120 million, and is currently the best performing coin within the top 250 crypto assets.
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Featured Image: Shutterstock/U2M Brand
Source: https://dailyhodl.com/2022/08/29/altcoin-from-shiba-inu-shib-ecosystem-explodes-162-this-month-ahead-of-new-metaverse-launch/