Shiba Inu's $BONE Token Listed on Crypto Exchange With Over 3 Million Users
$BONE, one of the tokens that’s part of the meme-inspired crypto ecosystem Shiba Inu ($SHIB), has been lsted on popular cryptocurrency exchange CoinEx, offering its more than 3 million users access to the token.
According to an announcement the Hong Kong-based cryptocurrency trading platform published, it’s adding one trading pair for BONE, allowing users to trade it against leading stablecoin Tether ($USDT).
It’s worth noting that $BONE is the governance token of the Shiba Inu community’s decentralized exchange ShibaSwap, and is one of the three tokens within the Shiba Inu ecosystem, along with $SHIB and $LEASH.
ShibaSwap allows users to provide liquidity to the platform through its Dig functionality, and to stake their tokens through their BURY functionality. Users can gain WOOF returns through the platform as well, while also giving users access to non-fungible tokens (NFTs)
CoinEx listed rival meme-inspired cryptocurrency Floki Inu ($FLOKI) back in May of this year, At the time, FLOKI had been listed on a number of other trading platforms including Huobi Global, boosting the token’s liquidity.
$BONE, however, lacks major cryptocurrency exchange listings as it isn’t found on platforms like Binance or Coinbase. Available data shows that most of the cryptocurrency’s trading volume occurs on decentralized exchanges like Uniswap, ShibaSwap, and SushiSwap. It’s listed on smaller centralized exchanges like BKEX, BitMart, MEXC, and LBank.
The Shiba Inu community has been seeing a number of wins over the last few weeks. As reported, the rate at which SHIB tokens are being burned surged earlier this week, at a time in which Ethereum ($ETH) whales joined the movement and helped burn tokens.
Shiba Inu tokens are burned when they are sent to so-called dead wallets, which are wallets on the Ethereum network no one has access to, meaning the tokens are effectively removed from circulation as they are unrecoverable.
The SHIBArmy has for long championed token burns as a way to reduce the meme-inspired cryptocurrency’s circulating supply and make circulating tokens more valuable as a result, if demand is maintained or moves up. Late last year, the Shiba Inu community has already burned a total of 410 trillion tokens.
Also read: Who Created Shiba Inu ($SHIB)?
Notably, the median hold time that users on the Nasdaq-listed cryptocurrency exchange Coinbase hold onto the meme-inspired cryptocurrency Shiba Inu ($SHIB) before either selling it or moving it to an external address, has now surpassed the six-month mark.
The typical hold time for Shiba Inu investors on the platform is now 190 days, above the typical hold time of other major cryptocurrencies including Bitcoin ($BTC), Ethereum ($ETH), Cardano ($ADA), and Solana ($SOL).
Shiba Inu investors are likely HODLing onto their assets as even after the project’s founder departed, developers and the community kept on running Shiba Inu, and new popular solutions are being launched soon.
These include Shibarium, a layer-2 blockchain to which SHIB tokens could be migrated for lower transaction fees, and SHIB: The Metaverse, a Shiba Inu-themed metaverse from which users have already started buying land.
Moreover, developers are also working on Shiba Eternity, a trading card game highly expected by the community, which had its first sneak peek at the gameplay after Kusama announced the first successful test for Vietnam players on iOS devices.
Featured image via Pixabay
Source: Read Full Article