Yona Gushiken
Bone ShibaSwap (BONE)—the official gas token of Shiba Inu’s Layer-2 scalability solution, Shibarium—has blazed through the market, posting impressive double-digit gains. This rally isn’t just noise; it’s a thunderous applause from the crypto entities, signaling a resounding endorsement that’s echoing across the digital currency landscape.
On Thursday, Coinpedia Markets, a crypto price tracking platform, spotlighted BONE in its daily Top 5 Crypto Market Update. Sitting in the third spot, BONE ranked above notable entities like Fantom and the SEC, only surpassed by industry titans Ethereum and BlackRock.
The update highlighted BONE’s extraordinary market performance, showcasing a 19% surge in its price within 24 hours and an impressive 54% increase over the past 30 days. This significant growth propelled its market capitalization to exceed $212 million, underlining the robust presence and dynamic movement in the cryptocurrency market landscape of Shibarium’s official gas fee token.
On the same day, GateIO, a comprehensive digital asset exchange, unveiled a significant expansion of its services tailored for the Shib Army and investors eager to leverage Bone ShibaSwap (BONE). This expansion includes the introduction of BONE margin trading, marking a strategic enhancement in the platform’s trading capabilities. Specifically, the BONE/USDT trading pair has been made available for margin trading, accompanied by an option to utilize up to three times leverage.
When the BONE/USDT trading pair is listed for margin trading with up to three times leverage, it means that traders can borrow funds to trade BONE against USDT (Tether, a stablecoin pegged to the US dollar) with three times more capital than they hold in their trading account. For example, if a trader has $1,000 in their account, they can potentially trade up to $3,000 worth of BONE by borrowing the additional funds from the exchange.
This leverage amplifies the potential profit or loss from the trade. If the value of BONE increases relative to USDT, the trader can make a significantly larger profit compared to trading without leverage. Conversely, if the value of BONE decreases, the losses are also magnified by the same factor, which can quickly deplete the trader’s capital. Margin trading with leverage is a strategy that carries higher risk and reward, and it’s typically used by more experienced traders who are capable of managing the potential risks involved.
On Friday, at 5:05 a.m. ET, BONE was observed trading at an uplifted rate of $0.936055. This movement reflects a modest yet significant 0.51% increase within a single day, complemented by an encouraging 8.88% surge over the past week. Remarkably, the token has experienced a substantial 60.58% ascent in its value over the last 30 days. With these dynamics at play, Bone ShibaSwap’s market capitalization has reached $215,220,990, bolstered by a total circulating supply of 229,923,351 BONE. The token’s trading volume over the last 24 hours was reported at $14,599,507, data from CoinMarketCap showed.
