BONE, the governance token on Shibarium, has unexpectedly surged to a whopping 8000%. Data from the Shibarium scan reveals that the coin’s transfer, which has so far oscillated between 347 and 415, jumped by 33775 overnight. In the past, the token did post a notable uptick in token transfers, but it is nowhere near the latest surge. Also, the price of the asset remained unaffected, raising further questions.
Having said that, the governance token continues to be a pivotal component in the Shibarium ecosystem. It recently hosted nearly 100,000 crypto wallets. The influx of new users coincides with the announcement of a feature that entails BONE acting as the portal to liquid staking, thanks to the collaboration with K9 Finance dApp.
Similar to the Lido Protocol on Ethereum, the integration is set to unleash dynamic staking on Layer 2. Following the announcement, BONE recorded a nearly 40% surge in new wallets as well as a 20% increase in active addresses over seven days, per IntoTheBlock.
Frontier Integration Boosts BONE Adoption
Another similar integration was announced recently, fueling further BONE adoption. Leading digital asset non-custodial wallet platform Frontier has extended its support for the scaling protocol. With over 35 blockchains under its fold, Shibarium’s integration has bolstered the governance token. Holders of BONE can now sign up to become Shibarium validators.
While the exact cause behind the token’s massive spike surge remains unspecified, it is essential to highlight the growing popularity of the token among investors. Last year, the Shiba Inu team announced renouncing the contract for Bone ShibaSwa. As previously reported by TronWeekly, an anonymous developer revealed that the SHIB team had finished minting the remaining supply, marking a crucial technical milestone.
This accomplishment signifies a profound shift, indicating the surrender of control and ownership of the coveted token. The project lead, Shytoshi Kusama, emphasized the pivotal role of minting the final BONE token and subsequent contract renunciation in solidifying the upcoming Layer 2 blockchain operations.