Meme coin Shiba Inu has been able to properly leverage its popularity and build out another token, BONE, that is catching the eye of investors. $BONE is the native token of the Shiba Inu decentralized exchange, ShibSwap. Now, like any decentralized exchange, putting the native token to work by using it for swaps gives it utility, which has driven the price of BONE upwards. But now, the digital asset is on the move once more.
BONE Exchange Listings Trigger Rise
Just like Shiba Inu in its time, BONE is receiving a lot of support from the community during this time. Exchanges have moved to list the digital asset on their platform, and as expected, these have triggered a pump in the price of the cryptocurrency.
The first catalyst for the upward movement had been the Gate.io vote that included BONE. Sometimes, exchanges will hold voting competitions for different digital assets, and the ones with the most votes are usually listed on the exchange. The prospect of BONE being listed on Gate alone has set it on an upward trajectory.
Then came the official listing on another crypto exchange called BlueBit. With both of these news driving more interest into the token, the price had surged more than 110% in the span of 48 hours. In just the last 24 hours alone, it has grown 83.22% to its current price of $2.10.
Is It Time To Get In?
Cryptocurrencies, such as BONE, are seen as high-risk plays due to their movement relying solely on the hype created in the community, and if this hype happens to die down, the price crash is rapid and leaves a lot of casualties.
However, they have also been known to rally beyond anyone’s expectations, bringing large profits for investors. One thing, though, is to get in as early as possible before it is mainstream. For example, only about 3% of the total supply of BONE is currently in circulation. As time goes on, it is expected that more to the supply will be released into circulation, and it will definitely have an impact on the price of the digital asset.
It is always important to keep in mind that meme coins are incredibly risky plays, and while there is a lot of potential for growth, there is also potential for gains to be wiped out quickly. As long as interest remains high, there will likely be more growth to come before a correction.
The total trading volume for BONE in the last 24 hours is $72.8 million, up more than 400%. This can usually indicate that a coin is reaching the peak of its hype and a reversal is on the way.
Featured image from Watcher Guru, chart from TradingView.com
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Source: https://www.newsbtc.com/shiba-inu/why-is-shiba-inus-bone-on-the-rise-and-is-it-time-to-get-in/