The Bone ShibaSwap (BONE) token has surged dramatically over the last day, rising by almost 13% to reach $1.7209. After then, there was a little drop, but BONE is still up 11% from yesterday.
This pricing increase may be the result of many causes, and it started this week.
Drivers that are pushing BONE price up
A recent blog post by Shytoshi Kusama, in which he revealed that the Shiba Inu development team intends to mint the remaining supply of BONE into existence and then shut down the BONE contract to prohibit any future production of BONE, may have contributed to the current rapid rise in the price of BONE.
The purpose of this is to stabilise operations on Shibarium, a Layer 2 blockchain that will likely launch in August at the ETH Toronto conference in Canada.
A significant amount of the BONE supply will go to the validators, a group of individuals who are essential to the operation of Shibarium. BONE, according to Kusama, will be the “passport to the future” as it would let users to get their fair share of benefits on the recently created blockchain.
Apart from this revelation by SHIB’s principal developer, Shibarium has continued to grow and has achieved another usefulness milestone. Yesterday, the total number of transactions on Puppynet, the beta test blockchain, crossed the 34 million mark, and it is currently 34,290,585.
In addition to serving as a gas token on Shibarium, BONE will assist developers in burning large amounts of Shiba Inu meme money as a portion of each transaction fee is set aside and turned into SHIB, which will then be burnt.
SHIB burn rate plummets
However, even when BONE and SHIB are increasing, the burn rate of Shiba Inus remains same. According to data from the Shibburn website, there have been 25 transactions totaling 35,446,350 SHIB transferred to unspendable wallets, which is almost 30% less than yesterday.
The SHIB burn rate showed significantly higher values earlier this week, reaching the green zone, before Wednesday.
Overall, the Shiba Inu community was able to get rid of slightly more than two billion SHIB tokens in July, as revealed by Shibburn on Tuesday. These coins were permanently locked up in dead-end wallets.
