There was a time when only Dogecoin (DOGE) was the meme coin that the particular segment within the crypto industry had to offer.
For the record, it was back in 2013 when Dogecoin was launched as a joke for the entire crypto industry. Even the developer of Dogecoin had no idea what his protocol was going to be in late 2020.
As the year 2020 neared its conclusion and the crypto sector gained huge traction, the Dogecoin protocol gained worldwide attention.
Investors from around the globe gathered to invest heavily in DOGE and as a result, the trading value of the meme coin rose to new heights.
The inception of Shiba Inu
As DOGE gained worldwide recognition, it was only a matter of time before other meme coins would emerge as well. This is when Shiba Inu (SHIB), the second-largest meme coin was introduced.
It was in mid-2021 when SHIB’s adoption rose so much, it became the largest meme coin, defeating DOGE in the process.
Although SHIB gained strong momentum and its rallies remained intact throughout the third quarter of 2021, things changed dramatically in the fourth quarter.
This is because what the token lacked was utility, and without that, the token would never be in circulation. Without any kind of utility, the token would never become a common asset.
This is the reason why the token’s adoption level kept on declining and once the fear of missing out (FOMO) was over, the token’s value plunged.
The investors were no longer interested to partake in boosting the rallies and keeping them running for long.
Demise in 2022
In the year 2022, the situation got worse for the meme coin as it continued losing market adoption. The value of the token kept plunging to the lowest levels while the developers struggled to find a utility for their token.
It was the end of 2022 when Shiba Inu was able to find a direction where it could move. Suddenly, it was revealed that multiple projects were involved in adopting the meme coin, including Amazon.
This was a major step forward for the long-time struggling meme coin and now, things may change for the asset. Shiba Inu developers started working on a new project as well, which would see a new token launched.
The name of the new token is BONE and it was in the making since the end of 2022. It seems that the token is ready to make a public appearance and many exchanges are excited to adopt it.
BONE to Debut through Gate.io
Dozens of cryptocurrencies are launched into the crypto industry on a daily basis. However, the exchanges do not list every single cryptocurrency.
Especially, the major crypto exchanges do not enlist a token without running it through a detailed and thorough process.
If the token has the potential and meets the requirements to be on the exchange, it gets enlisted on the exchange. Given the recent performance of Shiba Inu, there were many doubts about the listing of the network’s new token on any platform.
Therefore, it comes as a great surprise that Gate.io is ready to enlist the new token BONE by Shiba Inu. The developers behind BONE proudly announced that their token was going to get listed on Gate.io on February 24.
The entire Shiba Inu community was taken by storm by the latest announcement. They are excited ever since they learned that BONE is to make its debut through a major exchange.
The BONE token will be the governance token of the ecosystem offered by Shiba Inu. The network has been working tirelessly to introduce Shibarium, an upgrade to its protocol.
BONE will be acting as the governance as well as the utility token for the Shibarium protocol as well.
The users of the Shibarium protocol will be able to stake their BONE tokens to become part of the governance and the ecosystem.