ShibaSwap’s token, BONE, is leading the top gainers for the day (last 24 hours) and the week (last seven days), according to CoinMarketCap’s index considering the best-performing assets among the top 100 per market capitalization.

On August 24, BONE was changing hands at $1.37 by press time, with close to 14% gains in the last 24 hours, as well as weekly gains of 15%, leading the top performers on ‘CoinMarketCap Gainers & Losers’ index out of the top 100 digital assets by market capitalization.

BONE top gainer for the day
Top Gainers among the Top 100 cryptocurrencies. Source: CoinMarketCap

What is BONE, and why is it pumping?

The token is planned to be used as “the passport to Shibarium”, as in a blog post by Shytoshi Kusama, the creator of the ShibaSwap decentralized exchange (DEX), and the leading developer of the Shibarium ecosystem.

BONE’s smart contract is still controlled by Kusama and his team, with a promise of control renouncement in an unknown future.

“With the incoming launch of Shibarium, our own Layer 2 blockchain, and much more, in the next few days, you will notice that we will mint the remaining supply of BONE and renounce the BONE contract so that no further minting will be possible.”

— Shytoshi Kusama

Notably, there are still new BONE tokens being put into circulation through the smart contract “0xf7A…202b3” controlled by the ShibaSwap team.

The leading developer also explains that BONE will be used as a staking token, for investors who want to become validators for the Shibarium Network.

“This is a necessary step to starting our blockchain, as a significant portion of BONE is allocated to the first role in our upcoming system, validators.

BONE will also serve as your passport to the future, being the token delegators bury to get a portion of rewards, the gas token for Shibarium, and technology governance within our new system.”

— Shytoshi Kusama

So positive expectations on a Shibarium’s restart could have caused BONE to pump on August 24. However, users still don’t know when Ethereum’s layer-2, built over the Shiba Inu ecosystem will be effectively restarted to the public.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

The post This Shiba Inu ecosystem token is pumping; Here’s why appeared first on Finbold.

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Dennis is a business and financial writer, who had spent almost his entire life independently reporting on different business ventures with major impact on the US and global economy. Dennis places a special focus on examining tech stocks, biotech stocks all while investing a great part of his early hours to researching and writing on the companies in the US markets. Dennis has 15+ years of experience in financial markets.