Why The Shiba Inu Community Is Signing A Petition For Binance To List BONE

The Shiba Inu community, popularly recognized as the ShibArmy, is calling on Binance to list the BONE token on the crypto exchange.

SHIB community recently introduced a petition on Change.org, a petition platform, to sensitize crypto enthusiasts to sign the document as part of efforts to show solidarity.

Community Wants BONE To Increase In Value

According to the petition, BONE is a governance token that allows the Shiba Inu community members to vote on vital proposals for the protocol. Those who hold more BONE tokens have stronger voting power on decision-making matters regarding future proposals.

The Shiba Inu community has been pushing for major crypto exchanges to list BONE. Their efforts have so far borne fruits as many exchanges such as Indian crypto exchange Sun Crypto, Cayman Islands-based crypto platform StealthEX, and New York-based retail crypto exchange UpHold have listed the gas fee token. These recent developments have seen the token’s value rise, and this has received praise from the ShibArmy.

However, the SHIB Army believes that Binance’s participation would be crucial to strengthen the SHIB Ecosystem. The Shiba Inu community created the petition on Change.org to enable crypto enthusiasts to sign the document. So far, 967 users have signed the petition seeking Binance to list BONE on the exchange. The community is expecting to collect at least 1,000 valid signatures for the petition.

It has been a long wait for Shiba Inu enthusiasts seeking to see the listing of the native token on major exchanges, especially Binance. Of course, the listing is expected to enable the token to pump its trading volume and surge its value.

While SHIB is the major token of the Shiba Inu ecosystem, the community recently created two other tokens, namely BONE and LEASH.

As highlighted above, BONE is a governance token for ShibaSwap. In other words, the possession of BONE enables users to participate in governing activities which typically include proposals for future development. 

On the other hand, the role of LEASH tokens is to incentivize liquidity providers (LPs) and offer rewards to users. When users buy LEASH tokens and stake (bury) them, they receive rewards in the form of xLEASH tokens. Holders of xLEASH tokens, therefore, become a part of xLEASH’s liquidity pool.

BONE Price Action

At the time of writing, ShibaSwap native token is trading at a price of $1.48, down 0.29% in the last 24 hours, with a trading volume of $10,668,167. The crypto asset is currently down 4.74% from its 7-day all-time high of $1.56. Since the start of last year, the crypto asset had struggled to break out from the resistance zone of $1.20.

Compared to large-cap tokens, it is clear that BONE’s crypto trading volume is small. BONE is a small-cap cryptocurrency with a market capitalization of $245,208,452 and ranks number 141 among all cryptocurrencies, according to Coinmarketcap.

The Shiba Inu community believes that if the token can trade in major exchanges, then its market cap would witness a massive uptick.