• Shiba Inu’s BONE token has outpaced BTC and ETH by four times.
• Veteran crypto trader Eric Cryptoman points out favorable on-chain signals for $BONE.
• The upcoming Shibarium mainnet launch is expected to drive $BONE prices even higher.
Shiba Inu’s BONE Outshines BTC and ETH
A veteran trader has noted positive on-chain signals for the gas fee token of the Shiba Inu Ecosystem, $BONE, which has outpaced Bitcoin (BTC) and Ethereum (ETH) by four times in recent weeks. The latest bull run is due to enthusiasm for the upcoming Shibarium L2 mainnet launch.
BTC and ETH Grow at a Slower Pace
Bitcoin grew by 14.7% over the last 30 days, breaking through $31,000 in its latest bull run. Ethereum has grown by 3% since last month, though it remains the largest Proof of Stake cryptocurrency in the market. Meanwhile, Bone ShibaSwap ($BONE) has seen a 37.4% growth over the same period – reclaiming a fundamental support line at $1 along the way – despite having a significantly lower market cap than BTC or ETH (around 69%).
$BONE Magnet Expected from Mainnet Launch
Eric Cryptoman, an experienced crypto trader, believes that once Shibarium L2 releases mid-August as predicted, investors can expect a 2.5x liquid bounce potential for Bone ShibaSwap ($BONE). He also noted that SHIB Token confirmed $BONE as the only gas fee token on Shibarium L2; meaning millions will need it to use the network once launched. At press time, $BONE trades at around $1.06 according to CoinGecko .
Large Community Behind Shiba Inu
Cryptoman highlighted that Shiba Inu has a very large community with millions of active members; however there are slightly more than 80,000 holders of Bone ShibaSwap currently according to blockchain explorer data. He expects this number to grow rapidly upon mainnet launch as more people become involved with using SHIB tokens within their ecosystem – driving up demand for $BONE as well..
The combination of strong community engagement behind Shiba Inu and anticipation surrounding its upcoming mainnet launch bodes well for its gas fee token Bone ShibaSwap ($BONE). With BTC & ETH growing steadily but not explosively compared to earlier highs this year – investors may be turning towards alternative digital assets such as BNE in search of bigger returns moving forward into summer 2023 and beyond!