Shiba Inu’s BONE Reaches New Milestone and SHIB Investors are Feasting on That

Shiba Inu investors are active in picking up the BONE token to celebrate the success of the meme coin

There is a piece of good news for SHIB investors amidst this crypto-crash ecosystem in the highly volatile cryptocurrency market. The governance token of Shiba Inu (SHIB) known as BONE has reached a new milestone. The number of SHIB investors has reached almost the 50,000 mark. SHIB investors are celebrating two record-breaking milestones such as BONE reaching 50k supporters as well as SHIB token crossing 1.2 million SHIB investors. Let's dig deep into how a meme coin has made it possible for BONE and its digital asset to celebrate in the ecosystem where Bitcoin and Ethereum are struggling to keep up with their records.

BONE: Introduction to Shiba Inu's favorite token

Shiba Inu has launched the governance token known as BONE in the ShibaSwap ecosystem. It allows SHIB investors to vote on new and upcoming proposals on Doggy DAO with a maximum supply of 250,000,000 tokens. It is designed to fit perfectly between the previous two tokens regarding circulation supply. BONE is set to be utilized as the native gas token by Shibarium for performing transactions on top of the blockchain.

Shiba Inu is performing surprisingly well as a meme coin in the crypto crash overtaking Bitcoin and Ethereum with a 31% increase in its price in the crypto market. SHIB tokens are trading under extreme selling pressure but it has four different projects to increase their price as a meme coin. At the time of writing, the current meme coin price is US$0.00001246 with a market cap of US$6.84 billion and a volume of US$755.94 million. Meanwhile, the current BONE price is US$0.522 with a market cap of US$3,803,324 and a volume of US$5,959,065.

July first week observed the trading volume of BONE to hit 83% within 24 hours of listing on the Canadian crypto exchange known as FCF Pay. Early June saw BTCEX, a Canadian digital asset derivative trading platform, announcing the listing of BONE for crypto investors, especially SHIB investors. The BONE token has also increased by over 10% after the Singapore-based MEXC Global, one of the leading digital asset exchanges added around 333,113 tokens to its wallets in June.

Meanwhile, SHIB investors have cast their votes to halt BONE farming at 230 million tokens for saving the leftover 20 million for validators in the crypto market. The meme coin has decided to offer $BONE tokens to validators as rewards for confirming transactions as well as creating new blocks. The demand for BONE is increasing for the success of the native decentralized exchange of Shiba Inu known as ShibaSwap.

The success of the BONE depends on the success of the Shiba Inu network it represents as a meme coin. The BONE farming will adjust the current minting rate to just 1 BPB (BONE Per Block) to avoid potential over-minting of the token. Thus, SHIB investors have taken the right steps including the digging up of BONE token as well as burning strategy to give an outstanding performance as a meme coin in the highly volatile crypto market. The position is improving and it has started helping altcoins to flip the 50-day Simple Moving Average (SMA) into support. It is going close to the 100-day SMA as well as preventing ant potential drastic fall in the price for SHIB investors.