Shiba Inu’s governance token, BONE, has saw a 21% price surge over the last week, solidifying its position above prominent dog-themed cryptocurrencies such as dogecoin and shiba inu.
As the utility of the Shibarium network continues to grow, BONE’s gains highlight the value of its increasing utility.
The BONE token has been on a steady ascent since May 21, gradually recovering from its low point of $0.699. However, on May 22, the token experienced a significant boost in value as buyers entered the market, resulting in a substantial green candlestick.
Following this surge, BONE continued its upward trajectory for five out of six days, culminating in a spike on May 27. During this time, the token’s price surged from a low of $0.786 to a high of $0.899, with buyers dominating the market.
The positive momentum carried on until May 28, witnessing an impressive 13% increase before retracing some of its daily gains. At the time of writing, BONE has seen a 0.99% rise in the last 24 hours, reaching $0.889.
Behind its price performance, BONE plays a vital role within the ShibaSwap ecosystem as a governance token.
It enables holders to propose and participate in voting for modifications to the ShibaSwap protocol through the Shiba Inu Doggy DAO. The token also serves as designated gas for Shibarium, an upcoming layer-2 blockchain currently undergoing beta testing.
Proving ecosystem utility
The recent price rebound of BONE can be attributed to its growing utility within the Shibarium beta. This utility expansion coincided with the achievement of a significant milestone on Shibarium beta, known as “Puppynet.”
Reports indicate that Puppynet has successfully reached the milestone of one million blocks.
According to PuppyScan, the testnet for Shibarium has generated a total of 1,046,862 blocks thus far. Since its launch on March 11, the Shibarium testnet has facilitated an impressive 13,834,822 transactions.
These developments highlight the progress and activity within the Shibarium ecosystem, likely contributing to the price changes observed for BONE.
As the utility of Shibarium continues to expand and reach new milestones, other tokens in the Shiba Inu ecosystem, including shiba inu (SHIB) and dogecoin killer (LEASH), may become more popular.