Bone ShibaSwap ($BONE), one of the three main tokens within the Shiba Inu ($SHIB) ecosystem, has seen a significant surge in large transactions as Shibarium’s testnet, Puppynet, continues to experience growth.
According to data from on-chain analytics firm IntoTheBlock, the totalvolume of large transactions involving BONE increased from 119,360 to 377,960, representing a rise from $127,800 to $402,000.
A recent increase in large transactions comes on the heels of a similar spike just a week prior, indicating a swiftly growing interest in the Shiba Inu cryptocurrency. This uptick in significant transactions points to BONE’s burgeoning momentum and appeal among investors.
Meanwhile, 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 also grown to surpass 151,000. It’s important to note that these statistics may not be entirely accurate as Shibarium is still in its testnet.
Nonetheless, the strong performance of BONE and the rapid growth of Shibarium’s testnet Puppynet are encouraging signs for the future of Shiba Inu’s ecosystem. As CryptoGlobe reported, this year BONE saw its price explode in a move that helped it become one of the top 100 cryptocurrencies by market capitalization.
The token is known to be central to the ecosystem’s decentralized exchange ShibaSwap, and according to Coinbase, it’s a “governance token that aims to allow the Shiba users to vote on the upcoming proposal on Doggy DAO,” which is the ShibaSwap platform’s decentralized autonomous organization.
ShibaSwap allows BONE token holders to earn rewards for providing liquidity to the network, with users being able to swap their ERC20 tokens for other coins through it. BONE token holders can also stake on the platform to earn interest.
BONE is also central to Shibarium, as the team behind the platform has confirmed that every transaction on it will require BONE to pay for gas fees, and will burn SHIB to make the latter more scarce.
Featured image via Pixabay.