A crucial Shiba Inu (SHIB) ecosystem altcoin is defying the sideways crypto market trend this week, surging more than 16% amid a flurry of new exchange listings.
The altcoin, Bone ShibaSwap (BONE), is trading at $1.06 at time of writing, up from $0.913 seven days ago.
The 165th-ranked crypto asset by market cap will be used to pay for gas fees on Shibarium, the much anticipated layer-2 project designed to make the Shiba Inu ecosystem more efficient, similar to Polygon (MATIC) on Ethereum (ETH). Shibarium launched its beta version, “Puppynet,” last month.
BONE is also the native token for ShibaSwap, a decentralized finance (DeFi) and decentralized exchange (DEX) for the Shiba Inu sphere.
The Seychelles-based crypto exchange giants Huobi and OKX (formerly OKEx) both rolled out trading services for Bone ShibaSwap earlier this week.
Additionally, the Indian crypto exchange Flitpay and the Singapore-based exchange Deepcoin also listed BONE in recent days.
The Shibarium aims to allow developers to create fast, inexpensive and highly scalable applications. The project was first announced in May of 2021 and has been in steady development ever since.
Despite BONE’S gains this week, the project remains more than 93% down from its all-time high of $15.50, which it hit in July 2021.
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