BONE Token Surges as Shiba Inu Unveils Shibarium Launch Date and Defines Governance Role

Shiba Inu’s governance token BONE, which also serves as the Layer 2 Shibarium gas token, has experienced a steady rise in value since June 10.

The token’s price has doubled, achieving 100% gains and reaching highs of $1.16. In the last 24 hours, BONE gained further momentum following key announcements made by Shiba Inu lead Shytoshi Kusama.

BONE’s Impressive Performance Amid Market Sell-off: Despite the recent market sell-off and the crypto market being in the red, BONE has continued to outperform other dog-themed tokens.

At the time of writing, BONE was up 8.99% in the last 24 hours, trading at $1.14. The token has also seen significant weekly gains of over 25%.

Shibarium Launch Date Announcement: Shytoshi Kusama made an exciting announcement regarding the mainnet launch of Shibarium, the highly anticipated Layer 2 blockchain, in a recent blog post. Shibarium will utilize BONE as its gas token.

Kusama hinted at discussions and the potential release of Shibarium at the Blockchain Futurist Conference, scheduled for August in Toronto. The impressive activity on the Shibarium testnet, known as Puppynet, suggests a strong demand for the network.

Defining the Role of BONE Governance: In a recent update, Shytoshi Kusama provided insights into the role of BONE governance within the Shiba Inu community.

BONE is responsible for governing and supporting technology in the community, particularly regarding the Shibarium gas fee.

To ensure equal representation, the governance system will be divided into four sections, each dedicated to one of the basic tokens in the Shiba Inu ecosystem. This structure aims to provide an equal voice for all members of the community.