- BONE token sees surge in large transactions following growth of Shibarium’s Puppynet testnet.
- Increase in transactions points to growing momentum and appeal of BONE among investors.
Shiba Inu’s $BONE token, one of the three primary crypto tokens within the Shiba Inu ($SHIB) ecosystem, has seen a surge in large transactions as Shibarium’s testnet, Puppynet, continues to grow.
According to data from on-chain analytics company IntoTheBlock, the total volume of large transactions involving $BONE increased from 119,360 to 377,960, representing a boost from $127,800 to $402,000.
This recent boost in large transactions comes on the heels of a similar spike just a week prior, indicating a rapidly growing interest in the Shiba Inu digital currency. This uptick in transaction volume points to $BONE’s burgeoning momentum and appeal between investors.
Shibarium’s Puppynet has been growing, with an average block time of 8.3 seconds, one million total transactions, and over 300,000 total blocks. The number of wallet addresses has likewise grown to surpass 151,000. However, these statistics may not be entirely accurate, as Shibarium is still in its testnet.
BONE’s strong performance and the rapid growth of Shibarium’s testnet Puppynet are encouraging signs for the future of the Shiba Inu ecological system. As CryptoGlobe reported, this year, BONE saw its value explode, helping it become one of the top 100 digital currencies by market cap.
The crypto token is known to be central to the ecosystem’s decentralized exchange ShibaSwap. According to Coinbase, it’s a
governance crypto token that intends to allow the Shiba users to vote on the following proposition on Doggy DAO,
which is the ShibaSwap platform’s decentralized autonomous organization.
ShibaSwap allows BONE crypto token holders to earn bonuses for supplying liquidity to the network. Users can swap their ERC20 crypto tokens for other coins through it. BONE crypto token holders can also stake on the platform to earn interest.
BONE is likewise central to Shibarium, as the team behind the platform has confirmed that every transaction on it will require BONE to pay for gas charges and will burn SHIB to make the latter more scarce.
Despite the recent surge in $BONE’s transaction volume, it remains to be seen how this will impact the price of Shiba Inu ($SHIB). As with any cryptocurrency, the price of $SHIB is subject to market volatility and can fluctuate based on a variety of factors. However, the growth of Shibarium’s Puppynet and the increasing interest in the Shiba Inu ecosystem may bode well for the future of $SHIB.
Investors and enthusiasts will no doubt be keeping a close eye on the performance of $BONE and Shibarium’s testnet Puppynet as they look to capitalize on the potential opportunities offered by the Shiba Inu ecosystem. As with any investment, it’s important to conduct thorough research and analysis before making any decisions.