• Shiba Inu [SHIB] has attempted to address the lack of real world utility for memecoin assets by launching applications such as layer-2 (L2) scaling solution – Shibarium – and decentralized exchange (DEX) ShibaSwap.
• At the heart of these projects lies BONE, a utility-enabled token that acts as governance token on ShibaSwap and gas token for upcoming Shibarium.
• After climbing to its highest value in over a year in February, BONE’s value has since decreased significantly.
What is Shiba Inu?
Shiba Inu [SHIB] is the second-largest memecoin with a market cap of more than $5 billion. Critics have often questioned the lack of real world utility of this set of crypto-assets. To address this, Shiba Inu has launched several applications including layer-2 (L2) scaling solution – Shibarium – and decentralized exchange (DEX) ShibaSwap.
What is BONE?
BONE serves as a governance token within the ShibaSwap ecosystem, allowing holders to propose and vote on changes to the protocol through Doggy DAO. It also serves as gas token for upcoming L2 blockchain, Shibarium which is currently in its test Beta phase. Additionally, it will be used to burn SHIB tokens which depletes an asset’s circulating supply to increase its future value.
Should Delayed Launch Concern Your BONEs?
At the time of publication, BONE was tottering at $0.7659, down 1.35% in the last 24 hours according to CoinMarketCap data. All gains made in early 2023 have been reversed effectively due to sharp descent during subsequent months – effectively all reversing earlier gains made in bull run 2o23 . As per Puppyscan, number of transactions on network have been steadily increasing with 400K daily average count over past few weeks indicating that launch may not be delayed much longer if any at all given current momentum behind project.
Shibarium and ShibaSwap are two important projects from SHIB team looking to expand capabilities and utility of their ecosystem while addressing concerns about memecoins lack of real world usage leading many investors showing strong interest in their projects like BONES and SHIB tokens respectively . Although there were delays in launching L2 blockchain but given current traction behind project its expected that launch may not be delayed further for much longer if any at all .
The launch delay of Shibarium’s L2 blockchain should not concern your BONEs as transaction numbers on network indicate imminent launch if any delay present at all .